08 October 2013
Family Law Solicitor discusses the best way to divide your assets
As a Family Law Solicitor, I am often approached by clients who have reached an agreement with their spouse in relation to the division of capital and pensions. However there are a few minor issues which are not agreed.
These can range from who retains the antique furniture, the time share or the family pet.
Going through a Divorce is a difficult time and it’s often nearly impossible to remove the emotion and make rational decisions.
Parties can get entrenched in these minor issues and seek guidance from the Court to resolve the settlement.
Recently in B v B (2013), the husband and wife agreed that their assets of £40 million should be divided equally, but they just couldn’t agree on how the cars should be dealt with and what the husband’s yacht was worth. The Court commended the parties for resolving the major issues but was disappointed at the costs incurred over litigating over minor issues which were clearly disproportionate.
The value of disputed assets was only 1% of the net value of the parties combined assets and the court simply applied a rough and ready calculation to value these assets.
The moral of the story is that the court will not be impressed by the parties if they waste Court time and their own money in litigating on minor issues.
It’s important to get pragmatic, sensible advice from your Family Law Solicitor and consider a costs/benefit analysis before commencing litigation.
By Family Law Solicitor Lorraine Harvey.
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