Recent figures show that forty two percent of marriages in England and Wales now end in divorce. One of the age groups where divorce rates are rising in the over sixties. This maybe due to more financial independence. This is according to the Office for National Statistics (ONS). So how can a financial adviser help?
After the first year of marriage, either spouse may issue a petition asking for their marriage to be dissolved. The only grounds for divorce in England and Wales, is the irretrievable breakdown of the marriage, based on one of the following-
- Adultery. The petitioner finding it intolerable to continue to live with the respondent. This applies only to marriage and not civil partnerships.
- Unreasonable behaviour.
- Desertion.
- Two years’ separation by consent.
- Five years’ separation without consent.
What is the procedure?
The procedure in simple terms. The solicitor acting for the person who is applying for the divorce who is known as the petitioner. Sends to the solicitor of the other party, known as the respondent. A draft divorce petition. They will ask whether the respondent is content to let the petition proceed on the petitioner’s case, or wishes to defend the divorce. The petitioner’s solicitor will then finalise the petition and send this to the Court. The Court officials will send copy to the respondent’s solicitor. Based on the respondent’s formal response to the Court, the petitioner can decide whether to proceed with the petition.
If the petition is to proceed, the two sets of solicitors will undertake an investigation into the clients’ financial arrangements. They will often make this information available to each other with a view to negotiating a financial settlement. All assets, liabilities, income and likely changes in circumstances must be disclosed. Financial advisers, with their detailed knowledge of clients’ financial affairs, can often play an important role in assisting clients to collate this information.
How the financial adviser can help you.
So in conclusion. One of the key areas that financial adviser can help is to consider more creative options for the division of financial assets and the resulting settlement. Due to their knowledge alternative financial strategies might be constructed using “what if?” scenarios. Particularly in cases involving the allocation of pension and other financial assets and also the raising of mortgage finance.
How Anstee & Co can help.
Our financial advisers will work with your existing solicitor. The first meeting is free of charge. Also, meetings can be arranged at your home or at your solicitor’s office. We have offices in Kettering, Stamford and London. We work with solicitors in Northamptonshire, Bedfordshire, Lincolnshire and Warwickshire. Our financial advisers make use and provide financial advice in meeting rooms in Northampton, Bedford, Wellingborough, Towcester and Rushton.
Finally, to find out more about Anstee & Co and how we can help please contact us to arrange a meeting.
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