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Matrimonial Finances – True or false quiz

Posted on Wednesday, 21st August 2013 by
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Contemplating divorce or separation and are unsure what is right and wrong about the rumours you have heard about separating your finances. Take this short true of false quiz and see what you really know.

 

 

Q 1  After my marriage is dissolved my ex-spouse will have no claim on my finances

       True       False

 

Q 2  I am not divorced but have been separated from my spouse for years and I don’t      have a will. My spouse will not inherit my estate if I die.

 

       True       False

 

Q 3  I am not married to my partner but we have children together and have been living together for 10 years, when we separate I will have the same claim on their finances as if we were married

 

       True       False

 

Q 4   My spouse has a claim on my property even though it is in my sole name

 

       True       False

 

Q 5  I can place a restriction on our family home to prevent my spouse from selling it, even though it is owned in their sole name

 

       True       False

 

Q 6  My spouse will automatically get half of my pension

 

       True       False

 

Q  7  We have written our agreement out on paper and both signed it, my spouse cannot come back and claim anything else from me

 

       True       False

 

Q 8  I have to go to court to sort out the division of my matrimonial finances

 

       True       False

 

Q 9  I can gain a larger portion of the matrimonial finances if it is my spouses fault we are divorcing

 

       True       False

 

 

Q 10  The court will tell my spouse how much child maintenance they have to pay

 

       True       False

 

 

ANSWERS

 

A 1  False. The dissolution of your marriage is a separate procedure to dealing with the matrimonial finances (although often done simultaneously). If you do not deal with the matrimonial finances on divorce your spouse may have a claim for the remainder of your lives and potentially on your estate after your death.

 

A 2  False. If you die without a will your Estate will be dealt with under the Intestacy Rules. Your next of kin will always remain your spouse, no matter how long you have been separated.

 

A 3  False. You have no automatic claim to your partner’s assets no matter how long you live together or if you have children together.

 

A 4  True. All assets whether in joint or sole name will be taken into account when dividing the matrimonial assets the length of time married and the contribution may reduce the amount claimed but will be unlikely to extinguish it completely.

 

A 5  True. This is called a matrimonial homes notice and is free to register with the Land Registry. If you are going through a divorce and you believe your spouse may attempt to sell the property this notice is important to protect you.

 

A 7  False. Your spouse will not automatically get half of your pension. It is usual practice that if one spouses pension is significantly larger than the other for some of this pension to be given to the spouse. However, it is unlikely to be half unless one spouse has no pension at all. In simplistic terms both pensions can be added together and then divided in half, the difference between the smaller pension and half of the sum of both pensions can then be transferred to the spouse with the smaller pension. However all assets are looked at as a whole and the spouse may prefer a lump sum or property assets in lieu of a pension share.

 

A 8  False. If you and your spouse can agree how you wish to divide the matrimonial assets it is possible to have an Order drafted embodying this agreement called a Consent Order which is approved by the court and then becomes legally binding. You should seek legal advice on this issue.

 

A 9  False. The conduct used in the divorce petition is irrelevant when dividing the matrimonial finances.

 

A 10  False. The court does not have jurisdiction over child maintenance. A government organisation called the Child Support Agency deals with child maintenance. The only time the court can deal with child maintenance is if the parents agree on the amount of maintenance, the court can then order this to be paid for a set period of 12 months. If there is a dispute after 12 months the CSA then deals with it.

Faye Remnant is part of our Family Law team based in Loughborough; our Solicitors in Loughborough are experts in their fields and dedicated to quality client care. If you would like to find out more about our solicitors in Loughborough please contact us.

 

If you would like any further information on any of the above please contact a member of our family team who will be happy to assist you.

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The information provided in all of our blogs reflects only a narrative of some elements to consider on the topic. The blogs do not contain considered legal advice and should not be relied upon as advice. Please see our website terms and conditions for full details of our disclaimer. If you are interested in obtaining advice, please contact one of our lawyers who will be happy and able to advise you on your own particular circumstances.

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