In association with
Gibson Kerr
Understanding financial provision when divorcing in Scotland
When a couple divorces, there are many issues to consider and changes to navigate. One of the most important is how to resolve the financial aspects of their marriage. This means determining how to divide up your assets and liabilities, and how to manage income. The process can be complex, but understanding the key factors involved can help couples agree settlement terms amicably and effectively.
What factors are considered?
Several factors can impact on how financial matters should be resolved:
- Children: If there are children involved, their needs will always be a priority. Couples will be able to consider arrangements for the children’s care and upbringing, including the question of child maintenance and if relevant, how school fees are to be paid.
- Property: The value and ownership of any property, including the matrimonial home will be assessed. This will include assets such as pensions, investments, shareholdings, savings and motor vehicles.
- Debts: Any debts incurred during the marriage, either jointly or in the sole names of each party, will be considered.
- The length of the marriage. This takes into account that during longer marriages, it is likely that a couple’s financial life will be intertwined.
- The respective contributions of the couple to the marriage – both financial and non-financial. This take into account that during a marriage one party may be the main wage earner while the other may be bringing up children, and running the family home.
- Needs: The age, health, and future earning potential of person will be considered, in order to assess what a fair and reasonable outcome would be.
What are the potential outcomes?
There are different types of financial outcomes that couples can agree, or that a court can order. These can include:
- Transfer or sale of property. One person may wish to retain the family home, subject to affordability, and how the other matrimonial property is to be divided. Alternatively, a sale may be required.
- Payment of a capital sum. The couple may agree to divide their matrimonial property by way of one party paying capital to the other.
- Pension Sharing. A pension can be shared so that one person provides a pension credit to the other. Pension sharing is complex, and it is important to remember that a pension share is not an immediately accessible form of capital, rather a pension for the person receiving the share.
- Maintenance. One party can agree or be required to pay maintenance to their spouse for a period of time. This is calculated on the basis of the couples’ respective needs and resources. It is intended to assist the party receiving the maintenance to adjust to the loss of the financial support due to separation.
- Child Support Payments: Where there are children, any child support payments will be calculated based on the income of the parents and the arrangements made for the children. Child support can be agreed, or can be assessed by the Child Maintenance Service.
We can help
As experienced and specialist family and child law solicitors, the team at Gibson Kerr have helped hundreds of families through this process. We know how important it is that you understand your rights and options in order to negotiate a fair settlement and help you move on to the next chapter in your life. If you’d like a no-obligation and confidential chat about your situation, call our Glasgow team on 0141 404 0436 or email glasgow@gibsonkerr.co.uk
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