My Fair Share Of What?
Before negotiating a fair, financial settlement, a couple is required to provide a full, frank and clear disclosure of its financial and other relevant circumstances.
In May 2007, the Court of Appeal in Charman emphasised the importance of valuing the assets as part of the enquiry to be made before a financial settlement could be fairly determined. In particular, a Court must consider the property, income (including earning capacity) and other financial resources of a couple. Likely future income must always be considered because this may well be relevant to a division of property which creates a fair overall outcome.
Where specialist valuation evidence is required, the Family Law Department Cumberland Ellis LLP, through our Private Client, Property and Commercial Groups, benefits our clients by enjoying a network of contacts with whom we are able to work, both in this country and abroad with particular expertise in the following:-
- Property Valuations – Chartered Surveyors who can provide opinions on the market, rental and rateable value of residential properties, holiday homes and business premises.
- Investments – Stockbrokers and Funds Advisors who can advise on the impact of the sale and transfer of quoted securites.
- Life Insurance Policies – Independent Financial Advisors and insurance brokers who can advise on the consequences of the surrender and sale of endowment policies and the cost of taking out policies to protect maintenance payments in the event of the paying spouse’s early death.
- Personal Belongings – specialist valuations of collections, pictures and jewellery, including antiques.
- Tax – Specialist counsel and accountants who advise regarding the tax consequences of a disposal or transfer of assets.
- Business Interests – Forensic accountants who examine business accounts, in particular where family businesses and quasi partnerships are involved, to establish the current and future value of a spouse’s interest in a business.
- Pensions – Actuaries and Independent Financial Advisors who provide specialist reports regarding the true value of a pension, and the effect of a pension sharing order on the capital split and future income stream of the couple.
- Mortgage – Mortgage Consultants who project the cost, suitability and availability of mortgage products where a new home is to be purchased or mortgage refinance on the family home is required.
