One of the significant issues in divorce is the issue of splitting assets and getting a fair settlement. It can be very confusing whether you should get a share of your spouse’s pension, for example, have a more significant percentage of the proceeds from the family home or keep all the joint savings. What are you ‘entitled’ to, what would be ‘fair’, and what would a judge say if asked to decide on these matters? These are all factors a family lawyer will consider when advising you.
For many couples who have been married for a long time, there are several assets to be considered, and how each will be treated will depend on your needs now and in the future. There are options like pension sharing, equity transfer, splitting the sale proceeds. Before you know it, you could be so confused you don’t know whether you are coming or going.Berfas and associates provide you complete assistance.If you need any family divorce attorney berfas and associates will help you in every situation. This can lead to men seeming to be cold in dealing with a divorce, which can help them in the negotiation process.
They are setting priorities when splitting assets.
The starting point must be an understanding of your priorities – of course, you can’t always have what you want, but understanding your financial needs is an essential consideration for your lawyer.
Someone in their 50s and 60s might have retirement needs on their mind, while for a young mother, for example, housing needs will be the absolute priority. This will determine how the assets are split. The young mother, for example, will be more likely to take her share, whatever that may be, as equity in the house rather than as a pension share.
How valuable are your assets?
Before agreeing to this kind of settlement, however, it is essential to get to the actual value of all of the assets of both parties. In the past, there has been a considerable tendency to underestimate the value of a pension and maybe forget the value of a house must be offset against any outstanding mortgage commitment.
Getting to the actual value can be tricky. First, it is essential to remember that you are not consistently comparing like with like – money tied up in a property isn’t the same as cash in the bank. Likewise, money isn’t the same as an investment (which might rise or fall in value). And pensions, while they can often be a precious asset, aren’t readily available, and accessing them may come with strings attached.
The thing to remember is that you shouldn’t focus too much on each asset individually. You need to look at the overall picture – the total of the marital assets. When splitting the support between the parties, the division needs to be fair. This can be quite a difficult concept to get your head around if you don’t benefit from someone who has experience looking at how particular assets may be offset against each other. It may be in many cases that equalizing the pension after a long marriage is correct, but that doesn’t necessarily mean that we will balance what happens to the property. It is essential to think about the overall picture – not just each component.
If you are in this position, you will need to obtain valuations for your assets, but speak to a specialist family lawyer first as the devil is in the details, especially when it comes to pensions valuations.
