It is essential to note that for any Separation Agreement to have validity that must be
full disclosure by each of the parties of the assets that each of them hold at the time
the separation is entered into.
This will set out how the property of the marriage is to be divided. In a case where the only asset is the family home there would generally be three options:
- That the family home be transferred into the sole name of one spouse
- That the family home continue to be jointly owned by the spouses until the
youngest child has become independent and at that stage the property is sold and processes divided.
- The family home is sold immediately and the proceeds of the sale divided on an agreed basis between the parties.
- If there is a mortgage on the property obviously this will have to be discharged before the proceeds of sale can be paid.
We have the option to work with Succession Planners in order to ensure all
succession rights are adhered to and wishes heard and agreed to.
Separation Agreements usually do not deal effectively with pensions and the terms
of a pension scheme can only be changed if the parties apply to court for Pension
Our Financial Specialist can support the parties to find an agreement that best suits all involved.
Our Financial Specialist will again help participants decide which route is more
advantageous for individuals and couples within the separation agreement.