Divorce settlement – what am I entitled to?
When your marriage breaks down, unless there are no assets at all, it is understandable to ask “what sort of financial settlement am I going to get”. I find that some people have more realistic expectations than others.
Unrealistic expectations are often fuelled by popular perceptions. Celebrity divorces have a tendency to lead husbands to fear that they are going to have to pay out large sums. Two cases from 2006 are significant (not involving celebrities but wealthy people all the same). Melissa Miller got a settlement of £5 million out of total assets of £32 million – from a marriage of just two years and nine months where there were no children. Julia McFarlane obtained maintenance of £250,000 per year, this had been a sixteen year marriage with three children where the husband’s total income was £750,000 per year. The obvious fact is that those cases which make the news or the law reports are not typical, by virtue of the fact that those people have more money than the rest of us do. Most normal people just want their financial needs to be met.
Friends who have been through marriage breakdown may well tell you their experience. Those whose settlements were amicable are likely to feel happier about what they came out with. Contested cases are more likely to be unsatisfactory to either party. A good test is to consider that if both the husband and the wife are equally unhappy about the deal they ended up with… the settlement is probably just about fair! The sure thing about listening to what your friends ended up with in their divorce settlement is this: their case is different to yours.
As solicitors we are often able to reassure people whose expectations are overly pessimistic and fearful. We are also able to caution the over-expectations of others. What we usually cannot do is to tell you exactly what you will get if you go to court.
A good start is to read my post about financial disclosure.
Some other things I think are worth pointing out are these:
There is a legal obligation to pay maintenance for your children who do not live with you. In cases of modest wealth (which is most of them) maintenance for spouses is nowadays rare. This means that if one spouse expects to be able to keep the matrimonial home they will usually have to pay the outgoings including any mortgage on the property.
Consider entitlements to welfare benefits and tax credits.
Consider pension entitlement.
Get advice from financial advisers, not just solicitors. Be practical and consider your options.
The court is unlikely to consider who has been good and who has been bad in your marriage , who is at fault or who is blameless.
Tags: ancillary relief, divorce
