What does this mean for you?  It might, of course, mean that you want the most money and greatest share of the assets but it might also, or instead, mean something different.  We recommend that you consider your personal aims so that we, and other professionals assisting you, can help you achieve “the most”.

The ‘most’ assets

It will be important for you to know how the financial future is going to look and many people going through divorces are concerned about their future financial stability or depletion in their assets.  It is therefore natural to be concerned that, even if you are not aiming for everything, you want to protect your position as much as possible.

The key to this is preparation and proper professional advice and representation.  It is advantageous to do this early on as it may help you negotiate a prompt outcome and feel confident about your position in negotiations.  You should take legal advice and in addition, consider consulting a financial expert such as an accountant if you do not already have one.  We may advise you to instruct other experts for valuations or advice about pensions.

Draw up a list of your financial aims.  For example, are you looking to buy a house from your share of equity from the family home?  Or is your priority to preserve your pension?  Gather information to support each aim such as the costs of purchasing suitable property or local rental costs.  Establish whether you can raise a mortgage and if so, the maximum you can borrow and whether you would need to satisfy other requirements such as repaying any liabilities.

You will be asked how much you need each month to meet your living costs.  Whilst much of this will be estimated at the beginning, it is helpful to start a rough budget.  Think about how much you spend each month and don’t forget annual costs too.  All of this information will support your claims for how much you ‘need.’

If you feel that there are circumstances in the past which are relevant, make a clear timeline of these and gather any supporting documents to support it.  For example, any previous agreements between you and your former spouse, information about contributions that you made and dates when you were paying into different pension schemes.

The ‘most’ amicable relationship with your former partner

It is common for clients to tell us that they have managed to preserve a good relationship through the separation and they are worried that the financial aspects of the divorce will destroy this.  Whilst these topics can be difficult to discuss, there are steps that you can take to help.

Consider Non-Court Dispute Resolution options early on including mediation, collaborative law, arbitration and private hearings.  Mediation will give you the opportunity to discuss matters with your former spouse directly.  This is a good option where there is some or good communication between you; it can even be successful even where there is little or no amicable communication after separation.

We also recommend that you instruct a solicitor who is a member of Resolution.  Members of Resolution follow the conciliatory code of conduct and aim to resolve matters without court proceedings and with the best interests of the whole family at the heart of every outcome.

So that’s how to get the most, what about ‘the least’?

The ‘least’ delay

Acting promptly keeps delay to a minimum.  This includes taking advice early and importantly, requesting financial information as early as possible too.  Pension valuations or valuations for objects, unusual cars or less common investments can be lengthy to obtain.

Try to deal with documents and correspondence fairly promptly as delaying this can lead to information becoming out of date, a loss of interest from the other party and higher legal fees as correspondence is wasted ‘chasing’ answers.

There are delays which are out of your or our control, for example, in the court system.  Using a Non-court Dispute Resolution option can give you much more control of the timescales and timing of each of the steps.

The ‘least’ cost

Legal and professional advice has an associated cost however this investment is likely to be worth it in the long term.  You can keep costs down by avoiding unnecessary delay on your part and also by speaking to your solicitor about the steps that are best for them to take and those which you are able to complete yourself.  For example, you may feel confident to complete much of your financial disclosure form yourself and save the fees but if you find this difficult or do not have the time to do it, the legal service could still be most cost effective option.

Non-Court Dispute Resolution options such as mediation are cheaper than contested court proceedings.

So, to achieve ‘the most’ from your divorce, think about taking these steps and contact us today for legal advice and to arrange an appointment.

Email: [email protected]. Call: 01256 274926

Written by Elizabeth Taylor, Partner in the Family Team.