How The Family Law Considers Remedies
PART 3
Standard of Living
Standard of living enjoyed during your time together as a married couple is another factor which may influence decisions when determining financial orders to be made between you.
However, consideration might need to be given to any disproportionately expensive effect of living alone, so any reduction in living standards should, where possible, be apportioned equally.
Let’s say your marriage was spent carefully planning your respective retirement funds. On divorce, there is the need to look at the wider picture. There might be the need to reward prudence, considering once again respective ongoing income, capital and pension needs.
The years left of earning capacity cannot be ignored. Either a lot of it which shows you can grow into your career and/or retrain, or very little left which inevitably will leave limited growth.
Contributions
The family law can take into account contributions to the marriage in different ways, such as assets accumulated or lost prospects, perhaps as a result of giving up work to ensure support to the spouse or children, thereby demonstrating contribution in a way different and equal to hard cash.
Exceptional individual contributions are rarely considered. It has to be truly exceptional and unique; for example, an extremely successful and unique invention, that generates vast wealth.
Co-habiting
Bear in mind the importance attached to a period of cohabitation prior to marriage and the assets accrued in this way. It is usually unfair to disregard pre-marital cohabitation without good reason.
Disability
Disability is an important factor and is bound to be considered, to gauge potential limits on future earning capacity, and the need for treatment or ongoing care.
A personal injury damages award held by one spouse may be relevant, as that could add to the availability of capital resources whilst bearing in mind to what extent that capital is earmarked for ongoing care?
Conduct
An assessment of spousal conduct in a marriage when determining financial settlement, is rarely considered regardless of any ‘moral code’.
Examples set a high bar, with attempted murder, conspiracy to murder and sexual abuse among them.
Recklessly frittering money away, or addictions adversely affecting asset values, might be financially measurable.
You and your spouse are each required to fully and frankly disclose your financial circumstances to the other. If your spouse decides to ignore this legal requirement or fabricates the true value of assets, that could be considered as ‘litigation conduct’, possibly resulting in an adverse costs order or an adverse inference in court.
Need assistance with your divorce settlement? Our expert team is here to guide you through the process, ensuring your standard of living remains paramount. Whether you are seeking advice on asset division or considering the financial implications of your divorce settlement, we are dedicated to providing personalised solutions tailored to your unique circumstances. Contact us today for a free 30-minute consultation and take the first step towards securing your financial future post-divorce.