August 08, 2019 | Posted by : J Morris
Personal possessions (or ‘chattels’) are
sometimes a tricky subject when it comes to dividing up assets in divorce or
separation – after all, how do you put a figure on something that has
sentimental value? Chattels includes everything inside your home, along with
vehicles and even pets! Essentially, anything other than property
and financial assets.
During divorce, a couple’s main concern is
usually where they’re going to live, what they’re going to do with any shared
property, how to manage and divide their finances, and the future care of any
children. Personal possessions are often fairly low on the list, but ironically
sometimes it’s the little squabbles over individual items that ends up
July 15, 2019 | Posted by : J Morris
The distribution of assets is rarely straightforward. It would be wonderful if you could split everything down the middle, 50/50 but it rarely works out that way. Relationships, and their associated finances, are complicated, which is why it’s important that each member makes a full and frank disclosure of both individual and jointly owned assets, property, and finances when they enter into the separation process. This is a necessary first step, no matter what approach you take – court divorce, mediation or collaborative methods – and it never pays to try to hide or offload assets (in fact, it is classed as fraud and ...
April 25, 2018 | Posted by : J Morris
Dividing up assets during divorce can be a sticking point for even the most amicable of couples. It can be difficult to come to an agreement over financial settlements, particularly if there are complicated issues such as multiple properties, businesses, or personal investments, but a few basic ground rules apply to the division of assets:
As a general rule, the value of all assets will be placed into a joint ‘pot’ which will then be divided between the couple according to the needs of each party. Assets may include property, vehicles, savings, the contents of bank accounts and investments as well as personal items.
Spouses are required to declare ...