With Peter Yates, Partner, Poole Townsend

Last updated at 12:05, Tuesday, 21 August 2012

Q: I am getting divorced and trying to sort out my finances. My wife is using a solicitor who has asked me to disclose all my assets. What do I have to do?

Peter Yates

A: It is normal practice for each party in the divorce to supply documentary evidence of their assets before a settlement is reached. This is normally done on a voluntary basis. If voluntary disclosure is refused, the other party would normally apply to the Court for a Financial Order and the Court would order such disclosure.

Assets include any asset in which you have an interest. This will include any bank account which is in joint names with you and another person; any property that is owned by you and another person; any other asset that is in the joint names of yourself and another person, eg a boat owned by you and a friend.

Normally you would need to provide documentary evidence as to the valuation of those assets (unless you can agree this with your wife) and documentary evidence of any debts or liabilities that you are seeking to offset against the value of your assets.

Once the assets and their values are known, then they can be divided into non-matrimonial assets (NMA) and matrimonial assets (MA). Anything that is a MA will be brought into account as a matter of course.

This includes any property that has been used as a matrimonial home (whoever’s name it is in).

NMA includes any interest in property you acquired before your marriage; any property you inherited before your marriage; any trust of which you are a beneficiary that was set up before your marriage.

They will also include any assets which you may have acquired after your separation from your wife.

If you had assets such as shares, acquired during the marriage and they increase in value afterwards, then that increase will still be included within the MA.

Once there is an agreement as to what are MA and NMA then if the MA are sufficient to enable your wife’s reasonable needs to be met, then the court would not normally also give her a share of the NMA.

If, however, the MA are not sufficient to meet your wife’s reasonable needs, then the court has the power to bring in some or all of the NMA and re-distribute them.
It will be seen from the above that each case depends on its own facts.

For a free, initial appointment without obligation or to find out more, telephone our family law expert on (01229) 811811, FREEPHONE 0800 389 2939. Visit www.pooletownsend/matrimonial. Visit us at www.pooletownsend.co.uk/matrimonial Follow us on Twitter. Like us on Facebook.

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First published at 12:04, Tuesday, 21 August 2012
Published by http://www.nwemail.co.uk