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Transcript
[Anisha Ramanathan]
There has been a recent trend in couples choosing to divorce later
in life. It may be that the children have left home and you find
you have less in common and you may want different things for your
futures. Perhaps you both feel reasonably financially independent
of each other.
[Catherine Tso]
These cases do throw up certain challenges. For example: How can
you reach a fair division of assets after a long marriage,
especially when your core years of earning a salary are coming to
an end? If you have not had a paid job throughout the marriage,
will you have enough monthly maintenance to maintain a reasonable
standard of living? As you approach retirement, is it fair to
expect you to provide maintenance payments?
[Anisha Ramanathan]
Separation of long marriages normally work out with equal share of
the assets. The courts tend to prefer a clean break approach so we
would advise you to capitalise your monthly needs so that you
receive a reasonable lump sum which can be invested, to generate an
income from that capital.
[Catherine Tso]
Depending on your circumstances, there may be properties which can
be divided up or sold to meet the accommodation and daily expenses
needs of both parties. It may be that selling the family home and
downsizing is one solution.
[Anisha Ramanathan]
Division of pensions is an area that can cause friction –
they often mean future financial security for the parties but can
be a very highly emotional issue as after a long marriage, the
value of the pension can be significant. We can advise you on the
potentially complex law relating to dividing pensions and how to
navigate contention. Sometimes it works out better if one party
keeps the pension, and the other is suitably compensated from other
marital assets.
[Catherine Tso]
Whatever you decide, we can help to find solutions to the future
you want.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
