Divorce proceedings can be a scary and daunting process particularly when it comes to resolving finances. The divorce process itself does not sever financial matters.
Legal advice is extremely important particularly when a spouse has brought wealth and assets into a marriage.
A Court will consider whether the assets have been ‘matrimonialised.’ As such the Court will need to work out which assets are ‘matrimonial’ or ‘non-matrimonial.’ If an asset is matrimonial it has usually been built up or acquired during the marriage and often includes the family home, pensions and savings.
If an asset is non-matrimonial it means it was brought into the marriage by one spouse only. For example, inheritance after separation or wealth accrued before marriage. In those circumstances it may be possible to ‘ring-fence’ them for the benefit of that spouse.
However in some circumstances a non-matrimonial asset can change to matrimonial asset due to the way it was dealt with during the marriage and this is called ‘matrimonialisation.’ It is therefore very important to classify the assets properly at the outset as it could have an impact upon how the finances are divided.
For those entering into a marriage with significant assets, then a prenuptial or post-nuptial agreement is and effective way to protect wealth.
If you have separated and would like advice on financial matters arising from divorce then please contact us. We have an experienced team of family lawyers who can advise you during this worrying time. We also offer a free initial telephone appointment to discuss your circumstances.
