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Below we outline some of the key financial issues which must be considered in a divorce settlement. If you have any questions about any of these matters, please do not hesitate to contact our expert team today. We are here to support you and we want to ensure you get the best outcome for you and your family.
The main piece of legislation concerning financial provision on divorce in Scotland is the Family Law (Scotland) Act 1985. The Act sets out principles to be applied when it comes to dividing the finances of a couple seeking a divorce.
However, it is also possible for couples to make private arrangements and potentially draw up a Separation Agreement without court involvement. A Separation Agreement can be negotiated between the parties and their representatives and will reflect what they want to happen in relation to their specific circumstances.
If it is not possible to negotiate an agreement, the court can make orders for financial provision. In doing so, the court will follow the principles of the 1985 Act.
The court, when considering what orders for financial provision should be made, will follow the principle that the net value of the matrimonial property should be shared fairly between the couple. The court will also consider any economic advantage or disadvantage experienced by either member of the couple in the interests of the other or the family.
The court will consider the economic burden of caring for children to ensure it should be shared fairly.
Where one member of the couple has relied on the other for financial support, that person should be given financial provision to allow them to adjust over a period of not more than three years. Finally, the court will consider whether one partner is likely to suffer serious financial hardship as a result of the divorce and, if so, they should be awarded such financial provision as is reasonable to relieve that person of hardship over a reasonable period.
If you are considering divorce and want to understand the financial implications, call our expert Family Law Specialists today. We can help you understand your options and will handle all your queries with the utmost sensitivity and confidentiality. We work on a transparent basis, helping you understand the costs of our services from the outset.
Our team has decades of experience in Family Law and are on hand to help you. We regularly serve clients in Glasgow, Hamilton, Bearsden, Bishopbriggs, Milngavie, Bothwell, Strathaven, Thorntonhall and across the West of Scotland. Call us at our offices in Glasgow and Hamilton today on 0141 374 2121 or email email@example.com
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