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Finances - Capital

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Income or Maintenance issues during a divorce

Again, as with income, there is no magic formula to answer the question “what will I get”.  S25 Matrimonial Causes Act 1973 sets out a checklist of factors that the Court would take into account such as your ages, if there are children, and your need for housing.

In most cases, the Court will carry out a balancing exercise of money and needs. Most people when separating or divorcing need some legal advice about their entitlement financially. 

This advice is impossible to give without knowing what makes up the “matrimonial pot” financially ie. what the value is of all of your assets and property. 

If you don’t know this information yourself, a solicitor cannot advise you what you are entitled to have. If you get together the following information it will help you get the right legal advice:

House:  
Any idea what it is worth?  If not, get a couple of estate agents round on the basis that you may be thinking of putting it on the market.

Mortgage:  
Do you have one?  If so, what type is it eg. repayment, endowment, ISA backed, and how much is left overall to pay.

Borrowing capacity
Get a rough idea of what your borrowing capacity is by way of mortgage and what the repayments would be. 

Alternative housing:
If you are thinking of selling, have a look at the market to see where you would like to live and how much that would cost.

Savings and bank accounts
You need 12 months of statements for each account.

Policies:  
Find out if you have any policies that have a surrender value and what it is, and if you don’t know the monthly premium, find out

Liabilities:
Have you got credit cards and loans?  If so, list them, find out a settlement figure for each and say how much is joint expenditure if it is in your sole name

Income:
Find your P60 and last 3 salary slips and any letter or documentation you have about any benefits you receive All this information will help you to get the best legal advice about what you would be entitled to. 

There is some information missing still, and that is what the financial position is of your husband or wife, and if this information isn’t willingly produced, it may be that to reach an agreement, Court proceedings will have to be issued.