Divorce and Assets 3 January 2022 at 9:36AM in Marriage, relationships & families 6 replies 294 views

JulieC59

My daughter wants to divorce her husband. They separated 2 years ago although did live together very briefly during that time due to them having no alternative accommodation. They sold the marital home almost a year ago and divided the proceeds and have each bought their own house. They have remained friends as they share care of their dog. She has now met someone else and wants a  divorce. She has started her own business since they separated and has money in the bank plus her house is worth a lot more than his. There are no children. Will all her assets be on the table for him to lay claim to even though she has earned them since they separated. They do not have a legal separation. She is going to seek legal advice
Sorry for the long post
Thanks

comeandgo

Which country is she in?

RAS

All their assets including any pensions will be up for grabs, so the sooner she gets the divorce the better. If they both agree then she can ask him to agree to two years separation (brief reconciliations are allowed). They can DIY that but it might be worth also paying (jointly hopefully) for mediation before hiring a solicitor. Obs, take legal advice beforehand.

If they can agree (and it doesn't have to be half of everything now, or even half of everything when they split, IF they agree), then get a lawyer to write the consent order. We've seen too much grief on MSE caused by home-grown financial agreements, some documented and executed, to suggest DIYing that bit.

Meantime, she need to make a new will, urgently, as he will inherit much of her assets if anything happens, and review any nomination form.

JulieC59

Thanks that's pretty much what I thought. She is going to get legal advice this week 

CottonTail

WHY has she waited this long to do a financial separation??? And why didnt you make her act sooner??
This seems very irresponsible and naïve. Unfortunately she will suffer the consequences if the currently friendly relationship turns sour..... she needs to ACT NOW

TBagpuss

Everything has to be declared and is potentially on the table, however, if they cannot agree, a court has to look at what is fair and reasonable, taking into account all the circumstances, and that can include any prior agreement (e.g. the fact that they sold their house and agreed to split the proceeds 50/50) and any other relevant circumstances, which would include the length of time they have been separated and how any assets have been built up - so if she has good records that show that she built the business up since separation, a court is entitled to take that into account in deciding what is fair.

And of course if they have remained friends then they may be able to come to an amicable agreement to simply have a consent order providing for a clean break.

T.T.D

If they both agree that, what arrangements they had prior has now been fulfilled and they are both happy, then as Tbagpuss has mentioned, they may want to approach a solicitor and make arrangements for a clean break order whilst the divorce papers churn around the family court process. Once the order has been drawn up signed and squared away it can be presented to the court.