Division of Finance
MKB Law has one of the leading family law practices in Northern Ireland representing many high-net-worth individuals. A divorce does not end the financial relationship between spouses or civil partners. In order to separate your finances and assets, you must reach a financial settlement often known as a Matrimonial Agreement.
If an amicable agreement cannot be reached, then the Court will have the final decision on how the family’s assets are split. These proceedings are known as Ancillary Relief and can be issued by either party to the divorce.
The family home is often referred to as the former matrimonial home (FMH) and is usually the biggest asset to divide in a divorce. The starting point is always a 50/50 split of the equity. However there are a number of factors the Court will take into consideration, including which parent has care of the minor children of the family.
A pension will also be considered as part of the matrimonial assets. If there is a disparity in the pensions, this can be met either through a Pension Sharing Order or by off-setting.
Spousal maintenance may be available in cases where there is a significant disparity between the parties’ incomes. A Court application can be made on behalf of the spouse (or partner) entitled to spousal maintenance in the event the other party does not provide sufficient or appropriate maintenance payments post-separation.
If one spouse (or partner) owns a business or has a significant shareholding in a business, then the value of the business will be treated as part of the matrimonial assets. Our family law department works closely with our corporate and commercial departments when advice is needed about preserving business assets.
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