We Have Children Together, But My Partner Has More Money Than Me.
We have children together, but my partner has more money than me What can I do This will depend on whether the property you live in is in joint names ...
Sorting out money and finances or assets (what you and your ex acquired or built up that has economic value during your relationship) post separation can sometimes be contentious, especially if you are not married or in a civil partnership.
Examples of assets would be the family home, land, business, pensions and savings. Knowing and understanding both your financial position and your ex-partner’s will provide clarity and help you understand each other’s commitments. The more transparent you are with your money and finances, the easier it can be to come to a conclusion which suits both of you. If you’re not honest and your ex-partner later finds out you tried to hide something, they could go to court and ask for more money from you.
How Are Assets Split In A Divorce?
It is a myth that all assets are split 50:50. The aim is for finances to be based on what is fair and that might mean you or your ex-partner not getting the same amount. In general the following areas are considered when trying to work out a fair settlement:
Dependent children
The financial needs and responsibilities of both parties
The standard of living before the marriage breakdown
The age of yourself and your partner
The duration of the relationship, including any time spent living together before the marriage/partnership
Any disabilities or health concerns that impact your day-to-day life
The role each party played in the marriage, such as primary caregiver and breadwinner/primary wage earner.
You may be able to negotiate your own financial settlement without any professional intervention; however, if there are considerable assets it is worth getting professional advice.
Can Mediation Help Sort Out Money And Finances When Separating?
If you can’t agree on a settlement with your ex-partner then it is worth considering mediation. This is a cost-effective way of trying to resolve differences over money and property. You will both have to fill in a financial disclosure form when you go to mediation. This shows how much money you’ve got going out and coming in and it’s a good starting point for discussions.
We have lots of advice and support on this hub including helping you to choose the right professional support for your situation.
Professions
Chartered Financial Planner - IFA
Chartered Financial Planner - IFA
A financial planner or independent financial advisor can put into place any financial agreements you decide. What will you do with the pension share? What will you do with cash and shares? How will you invest any money you get for the future? But, more importantly, they can model any plans you have for settlement using financial modelling computer software. This is very helpful in working out a fair settlement. This kind of activity is regulated by the Financial Services Conduct Authority (FSA). Important to note, a lawyer is not allowed to advise you what to do with your money, where to invest it, or what shares to buy unless they are also regulated by the FSA.
Learn more
Financial Coach
Financial Coach
This is a relatively new discipline and as such there are no formal qualifications. They can’t offer financial advice (like the IFA can) but can offer you financial information as it relates to your situation. They will help build your confidence in financial affairs. For example, they might help you work out what your future monthly outgoings will be. When looking to appoint a financial coach you may want to consider their experience and specialism.
Learn more
Pensions On Divorce Expert (PODE)
Pensions On Divorce Expert (PODE)
PODEs are specially qualified to provide you with a report to recommend a fair pension share upon divorce/dissolution. A report on your pension division is essential and not something to be skimped on because of time or costs.
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External Resources
A Survival Guide to Pensions on Divorce
A quality guide to pensions and how to deal with them when divorcing. Published by advicenow, this guide explains what the law says on pension sharing or splitting. It also tells you what other help is out there so you can plan for the future.
Filling in Form E - a short film
advicenow's step-by-step guide to how you fill out your financial statement (Form E) yourself.
