Potential issue: Legal conflict involved with splitting assets, such as multiple properties, where the marriage is short and the parties bring different assets and income to the marriage.
Advice: Where matters can be agreed on, either through negotiation, mediation or collaborative law (a new process whereby the clients and lawyers meet regularly to resolve issues openly and amicably without escalating to court-proceedings), then a financial agreement can be simply rubber stamped by the court without the attendance of either party, after the divorce is granted.
In the UK, financial assets, including income, capital and pensions, are divided using the following criteria:
Present and future needs, resources and earning capacity of both parties, ages, length of marriage, contributions of both to family finances, pensions, health, care of children, conduct (where exceptional).
Katie says: There are no hard and fast rules about how assets are divided and who pays who what money, except in relation to the children, where the Child Support Agency lays out very clear rules, and each case will be judged on its own merits.
However, where marriages are short and there are no prenuptial agreements, children or other important aspects to consider, it’s usual for the courts to try to put the parties back in the same position as they were before the marriage and only to divide up the assets accumulated together.
Celebrity couple: Jennifer Lopez and Marc Anthony – the custody issue
Background: Jennifer Lopez and Marc Anthony announced their split after seven years of marriage on July 15, 2011.
Anthony and Lopez share three-year-old twins, Max and Emme. The couple initially agreed to Lopez having primary care until she started a new relationship with 24-year-old Casper Smart. Anthony is now apparently seeking joint care.
Potential issue: As with Lopez and Anthony, issues facing couples with children include child residence and contact. Whether deciding the initial caring arrangements or modifying these arrangements in response to changes in either parent’s life, particularly the introduction of a new partner, these issues can greatly complicate a divorce.
Advice: It is vital to make the process of coming to an agreement as smooth as possible to protect the children in question and, as far as possible, shield them from the conflict surrounding them. It is clear that children cope better with a divorce where their parents are civil to each other and they are able to continue having good contact with both parents.
Katie says: In the UK, no orders regarding children are automatically made on divorce. A “Statement of Arrangements” must be filed detailing agreements regarding what will happen to the children. This form is available from your local court and can be completed with the aid of a family law solicitor. Ideally both parties should sign this form, designed to facilitate a discussion and hopefully an agreement about their children.
If this fails, the parents can apply to the court to resolve the issue, where they will make decisions based on the welfare of the child. The courts like to uphold the status quo as far as possible and where a parent seeks change of residence, they must demonstrate that the benefits of change outweigh the upheaval involved.
Celebrity couple: Ashton Kutcher and Demi Moore – the pre-nup
Background: Moore announced the end of her six-year marriage to Kutcher after filing for divorce on 17 November 2011.
A pre-nup was signed by the couple to protect Moore’s fortune. However, during the marriage rising star Kutcher out-earned the Ghost actress.
The split was confirmed amid speculation of Kutcher’s infidelity and Moore is apparently now preparing for a legal fight to take some of Kutcher’s money.
Potential issue: How can the earnings of one party be protected from the other? What rights does the spouse have to money made when married? Pre-nuptial agreements have not, historically, in the UK been considered legally binding although they are being given more and more weight these days.
Advice: Significant changes have been made to the approach of the courts when ruling on the division of assets in divorce. In general, “matrimonial property” (wealth generated during the marriage) is regarded as warranting an approximately equal division, and non-matrimonial property (which is brought into the marriage or created independently after it ceases) may be deemed, depending on needs, to belong to the person introducing or creating it.
There has also been a significant increase in pre-nuptial agreements in the UK. Pre-nuptial agreements can provide a means of protecting pre-marriage assets, inheritance, and existing family commitments, such as children from a previous marriage. Legally, once married all of these assets become available for consideration by the court. While a prenuptial agreement is still not guaranteed to be legally binding, it is currently the best means possible when trying to protect assets in the event of a divorce.
Katie says: For couples who are already married, particularly those with children, drawing up a post-nuptial agreement, which is agreed upon by both as being a fair statement of their wishes, can also potentially prevent harmful stress in the event that the relationship turns sour.
Divorce specialist, Katie, has worked in family law for 25 years, visit www.berrysmith.com or contact 029 2034 5511.
‘);
tm.siteLife.daapi.getArticle(
“54-91466-30183763″,
function(article){
tm.siteLife.display.displayCommentCount(
article,
‘sitelife-commentsWidget-middle’,
false,
‘Comments’,
true,
false
);
}
);
})();//call anonymous function
//]]
Celebrity divorces and the issues that affect you
January is a notoriously rocky period for couples – with divorce rates rocketing after the stress of the festivities and a fresh start in the New Year highlighting problems they’d been trying to hide. Partner and head of family law at Berry Smith, Katie McColgan, says real-life couples can learn from recent high-profile marriages gone bad, and offers her expert advice on the practical issues facing those who’ve decided to end it for good …
Celebrity couple: Katy Perry and Russell Brand – the shared properties
Background: Following 14 months of marriage, Brand filed for divorce from Perry on December 30, 2011, citing “irreconcilable differences”.
The couple purchased a $6.5m, Hollywood Hills mansion together a few months ago. The California Gurls singer currently retains the property, while moving vans were spotted transporting the British comedian’s possessions out.
Potential issue: Legal conflict involved with splitting assets, such as multiple properties, where the marriage is short and the parties bring different assets and income to the marriage.
Advice: Where matters can be agreed on, either through negotiation, mediation or collaborative law (a new process whereby the clients and lawyers meet regularly to resolve issues openly and amicably without escalating to court-proceedings), then a financial agreement can be simply rubber stamped by the court without the attendance of either party, after the divorce is granted.
In the UK, financial assets, including income, capital and pensions, are divided using the following criteria:
Present and future needs, resources and earning capacity of both parties, ages, length of marriage, contributions of both to family finances, pensions, health, care of children, conduct (where exceptional).
Katie says: There are no hard and fast rules about how assets are divided and who pays who what money, except in relation to the children, where the Child Support Agency lays out very clear rules, and each case will be judged on its own merits.
However, where marriages are short and there are no prenuptial agreements, children or other important aspects to consider, it’s usual for the courts to try to put the parties back in the same position as they were before the marriage and only to divide up the assets accumulated together.
Celebrity couple: Jennifer Lopez and Marc Anthony – the custody issue
Background: Jennifer Lopez and Marc Anthony announced their split after seven years of marriage on July 15, 2011.
Anthony and Lopez share three-year-old twins, Max and Emme. The couple initially agreed to Lopez having primary care until she started a new relationship with 24-year-old Casper Smart. Anthony is now apparently seeking joint care.
Potential issue: As with Lopez and Anthony, issues facing couples with children include child residence and contact. Whether deciding the initial caring arrangements or modifying these arrangements in response to changes in either parent’s life, particularly the introduction of a new partner, these issues can greatly complicate a divorce.
Advice: It is vital to make the process of coming to an agreement as smooth as possible to protect the children in question and, as far as possible, shield them from the conflict surrounding them. It is clear that children cope better with a divorce where their parents are civil to each other and they are able to continue having good contact with both parents.
Katie says: In the UK, no orders regarding children are automatically made on divorce. A “Statement of Arrangements” must be filed detailing agreements regarding what will happen to the children. This form is available from your local court and can be completed with the aid of a family law solicitor. Ideally both parties should sign this form, designed to facilitate a discussion and hopefully an agreement about their children.
If this fails, the parents can apply to the court to resolve the issue, where they will make decisions based on the welfare of the child. The courts like to uphold the status quo as far as possible and where a parent seeks change of residence, they must demonstrate that the benefits of change outweigh the upheaval involved.
Celebrity couple: Ashton Kutcher and Demi Moore – the pre-nup
Background: Moore announced the end of her six-year marriage to Kutcher after filing for divorce on 17 November 2011.
A pre-nup was signed by the couple to protect Moore’s fortune. However, during the marriage rising star Kutcher out-earned the Ghost actress.
The split was confirmed amid speculation of Kutcher’s infidelity and Moore is apparently now preparing for a legal fight to take some of Kutcher’s money.
Potential issue: How can the earnings of one party be protected from the other? What rights does the spouse have to money made when married? Pre-nuptial agreements have not, historically, in the UK been considered legally binding although they are being given more and more weight these days.
Advice: Significant changes have been made to the approach of the courts when ruling on the division of assets in divorce. In general, “matrimonial property” (wealth generated during the marriage) is regarded as warranting an approximately equal division, and non-matrimonial property (which is brought into the marriage or created independently after it ceases) may be deemed, depending on needs, to belong to the person introducing or creating it.
There has also been a significant increase in pre-nuptial agreements in the UK. Pre-nuptial agreements can provide a means of protecting pre-marriage assets, inheritance, and existing family commitments, such as children from a previous marriage. Legally, once married all of these assets become available for consideration by the court. While a prenuptial agreement is still not guaranteed to be legally binding, it is currently the best means possible when trying to protect assets in the event of a divorce.
Katie says: For couples who are already married, particularly those with children, drawing up a post-nuptial agreement, which is agreed upon by both as being a fair statement of their wishes, can also potentially prevent harmful stress in the event that the relationship turns sour.
Divorce specialist, Katie, has worked in family law for 25 years, visit www.berrysmith.com or contact 029 2034 5511.
‘);
tm.siteLife.daapi.getArticle(
“54-91466-30183763″,
function(article){
tm.siteLife.display.displayCommentCount(
article,
‘sitelife-commentsWidget-middle’,
false,
‘Comments’,
true,
false
);
}
);
})();//call anonymous function
//]]
Potential issue: Legal conflict involved with splitting assets, such as multiple properties, where the marriage is short and the parties bring different assets and income to the marriage.
Advice: Where matters can be agreed on, either through negotiation, mediation or collaborative law (a new process whereby the clients and lawyers meet regularly to resolve issues openly and amicably without escalating to court-proceedings), then a financial agreement can be simply rubber stamped by the court without the attendance of either party, after the divorce is granted.
In the UK, financial assets, including income, capital and pensions, are divided using the following criteria:
Present and future needs, resources and earning capacity of both parties, ages, length of marriage, contributions of both to family finances, pensions, health, care of children, conduct (where exceptional).
Katie says: There are no hard and fast rules about how assets are divided and who pays who what money, except in relation to the children, where the Child Support Agency lays out very clear rules, and each case will be judged on its own merits.
However, where marriages are short and there are no prenuptial agreements, children or other important aspects to consider, it’s usual for the courts to try to put the parties back in the same position as they were before the marriage and only to divide up the assets accumulated together.
Celebrity couple: Jennifer Lopez and Marc Anthony – the custody issue
Background: Jennifer Lopez and Marc Anthony announced their split after seven years of marriage on July 15, 2011.
Anthony and Lopez share three-year-old twins, Max and Emme. The couple initially agreed to Lopez having primary care until she started a new relationship with 24-year-old Casper Smart. Anthony is now apparently seeking joint care.
Potential issue: As with Lopez and Anthony, issues facing couples with children include child residence and contact. Whether deciding the initial caring arrangements or modifying these arrangements in response to changes in either parent’s life, particularly the introduction of a new partner, these issues can greatly complicate a divorce.
Advice: It is vital to make the process of coming to an agreement as smooth as possible to protect the children in question and, as far as possible, shield them from the conflict surrounding them. It is clear that children cope better with a divorce where their parents are civil to each other and they are able to continue having good contact with both parents.
Katie says: In the UK, no orders regarding children are automatically made on divorce. A “Statement of Arrangements” must be filed detailing agreements regarding what will happen to the children. This form is available from your local court and can be completed with the aid of a family law solicitor. Ideally both parties should sign this form, designed to facilitate a discussion and hopefully an agreement about their children.
If this fails, the parents can apply to the court to resolve the issue, where they will make decisions based on the welfare of the child. The courts like to uphold the status quo as far as possible and where a parent seeks change of residence, they must demonstrate that the benefits of change outweigh the upheaval involved.
Celebrity couple: Ashton Kutcher and Demi Moore – the pre-nup
Background: Moore announced the end of her six-year marriage to Kutcher after filing for divorce on 17 November 2011.
A pre-nup was signed by the couple to protect Moore’s fortune. However, during the marriage rising star Kutcher out-earned the Ghost actress.
The split was confirmed amid speculation of Kutcher’s infidelity and Moore is apparently now preparing for a legal fight to take some of Kutcher’s money.
Potential issue: How can the earnings of one party be protected from the other? What rights does the spouse have to money made when married? Pre-nuptial agreements have not, historically, in the UK been considered legally binding although they are being given more and more weight these days.
Advice: Significant changes have been made to the approach of the courts when ruling on the division of assets in divorce. In general, “matrimonial property” (wealth generated during the marriage) is regarded as warranting an approximately equal division, and non-matrimonial property (which is brought into the marriage or created independently after it ceases) may be deemed, depending on needs, to belong to the person introducing or creating it.
There has also been a significant increase in pre-nuptial agreements in the UK. Pre-nuptial agreements can provide a means of protecting pre-marriage assets, inheritance, and existing family commitments, such as children from a previous marriage. Legally, once married all of these assets become available for consideration by the court. While a prenuptial agreement is still not guaranteed to be legally binding, it is currently the best means possible when trying to protect assets in the event of a divorce.
Katie says: For couples who are already married, particularly those with children, drawing up a post-nuptial agreement, which is agreed upon by both as being a fair statement of their wishes, can also potentially prevent harmful stress in the event that the relationship turns sour.
Divorce specialist, Katie, has worked in family law for 25 years, visit www.berrysmith.com or contact 029 2034 5511.
‘);
tm.siteLife.daapi.getArticle(
“54-91466-30183763″,
function(article){
tm.siteLife.display.displayCommentCount(
article,
‘sitelife-commentsWidget-middle’,
false,
‘Comments’,
true,
false
);
}
);
})();//call anonymous function
//]]
