Deciding how family assets are divided between the parties involved in a divorce can be complex. Each case turns upon its own particular facts, and the Collaborative Law process can work particularly well to resolve such issues before the parties go to court.
If however, the issue is taken to Court, a large number of factors will be taken into account when deciding how the matrimonial pot is divided up between two competing claimants. The Court considers all the circumstances of the case, and gives first consideration to the welfare of any children of the family under the age of 18.
Each financial case is unique on its own facts. Please email Elizabeth Hodder or telephone 01284 763333, if this is an area in which you require further guidance or an estimate of likely costs.
Parental loans can be a very emotive and tricky subject to deal with, when a couple are going through divorce. An act of parental generosity can backfire both upon the giver and on the recipient, unless certain preventive measures are put in place.
It is a fact that the Bank of Mum and Dad is loaning huge sums to help young couples onto or up the property ladder. Because these are not commercial transactions, but acts of generosity on the part of one or more of the parents, these loans are usually made very informally. Without thinking ahead to the “what if” scenarios that may be lurking several years down the road, the parties may end up in deep and murky waters.
With a bit of forethought and pre-planning, unforeseen pitfalls can be avoided. Please contact Elizabeth Hodder for further information.