Pensions are a complicated asset when considering financial settlement. When legislation changed to allow ‘pension sharing’ on divorce, dealing with pensions during the divorce process became more complicated.
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During a separation and subsequent divorce, clients will often reach an amicable agreement about financial matters or simply have no financial assets to be considered.
We are very often contacted by clients who own or have an interest in a business and are concerned about what will happen to the business upon divorce.
Words are very important to the way we communicate. We know the dictionary definition and how to use a word in the correct context (most of the time!).
Whenever we undertake any task, conversation or position, it is important that we remain consistent. This need to be consistent is an overriding human desire, and can in certain circumstances be used against you in litigation or negotiation.
It may be boring, but tax is one of the two certainties in life, and is often overlooked in family matters. Indeed, we had a matter in court last week with some tricky tax points, and yet, the lawyer for the other side was unaware of the tax issues, and in fact argued that tax was irrelevant! So if a family lawyer representing a client has no knowledge of when tax is an issue to be considered, who else is under the same misapprehension?
To compromise is to give up something you want to keep, in order to obtain a solution to the problem you are facing. By definition, in a compromise situation you lose. This is not to be confused with concessions, which are often called compromises, but they are not. A concession is where you trade something to receive something else in return. Concessions in negotiation are outside the scope of this blog. I will write about concessions separately.
When resolving financial matters between a husband and wife who are divorcing, the court has the power to order one party to pay the other periodical payments. Periodical payments are an amount paid every month to help the stay-home partner meet their monthly outgoings.