Taunton and South Somerset Living Apr - May 2020

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DIVORCE IS COMPLEX ADVERTISING FEATURE Is it possible to hide assets on divorce? Parties to divorce may be tempted to hide assets to pay a reduced financial settlement. Each have a duty to fully and frankly disclose their finances, whether attempting to deal with matters amicably or through the courts, otherwise the financial settlement may be unfair The court can order a party who has deliberately failed to disclose assets to pay the legal costs incurred by their spouse. They may receive a lower financial settlement and ultimately, a custodial sentence can be imposed. Urgent legal advice should be sought if you believe your spouse is hiding or attempting to dispose of assets. The court has power to freeze assets and to add them back where they have already been transferred. A financial settlement can even be re-opened through non-disclosure. How are pensions treated on divorce? The cash equivalent values of pensions must be considered on divorce. Any disparity in the parties’ CEVs can be addressed by pension sharing, where a proportion of the member’s pension rights are shared with the former spouse, by “Attachment” where the former spouse receives a percentage of the member’s rights or by “Offsetting” where they take cash instead of a pension share. With ‘attachment’, the member continues to own/control the rights, the amount payable can be varied and will cease on the remarriage or death of the payee. Unlike with pension sharing, there is no financial clean break. An Actuary should be instructed to provide calculations on these options. Protecting Assets on Marriage Planning for what should happen to assets on divorce can help avoid a messy dispute later on. Although Pre-Nuptial Agreements are not binding on the courts, recent cases illustrate they are likely to be upheld where freely entered into (they should be signed at least 21 days before the wedding to avoid allegations of duress), and each party appreciates the implications. There should be full financial disclosure with each taking independent legal advice and the terms of the Agreement must be fair and not prejudice the needs of any children. Although the courts still retain discretion to vary a Nuptial Agreement to achieve fairness, case law means that such an Agreement should be taken into account and in the right case can carry decisive weight. Jayne Turner is a Partner in Ashfords’ Family Team in Taunton. She is a trained and experienced collaborative lawyer and a Resolution Accredited Specialist in Complex Financial Remedies and Pensions on Divorce as well as an Advanced Member of the Law Society’s Family Law Panel. Jayne is described in the Legal 500 directory as “sensible, client focused and knowledgeable”. Jayne’s Direct Line: +44 (0)1823 232370 Email: cj.turner@ashfords.co.uk www.ashfords.co.uk/expertise/family DIVORCE IS COMPLEX Our Family Team appreciate that a relationship breakdown is a traumatic event, we treat all issues with sensitivity and provide a tailored service to meet your demands, whether you need help regarding a divorce, seperation or children issues. Please contact Jayne Turner for advice. Jayne is a Partner in the Family team in Taunton. She is a Resolution Accredited Specialist in Complex Financial Remedies and Pensions on Divorce, an Advanced Member of the Law Society’s Family Law Panel and trained and experienced collaborative lawyer. Jayne is described in the Legal 500 as “sensible, client focused and knowledgeable.” +44 (0)01823 232370 cj.turner@ashfords.co.uk A number of our team are Resolution Accredited Ashfords LLP ashfords.co.uk/expertise/family 76
Priory Court Nursing Home Priory Court Nursing Home At Priory Court we provide the highest standards of nursing, At residential Priory Court & dementia we provide care. the Family-led, highest standards our care of is the nursing, kind residential we’d want all & dementia of our loved care. ones Family-led, to receive. our Our care home is the is tastefully kind we’d furnished, want with all of modern our loved facilities ones to and receive. thoughtful Our home touches is tastefully throughout furnished, to make our with residents modern feel facilities at home and with thoughtful us. touches throughout to make our residents feel at home with us. • 24 hour nursing care • 24 Person-centred hour nursing dementia care care • Person-centred Tailored meaningful dementia activities care • Tailored Daily fine meaningful dining activities • Daily Extensive fine gardens dining • Extensive gardens Visit our website countrycourtcare.com to find out more. Visit our website countrycourtcare.com to find out more. 01278 768 000 01278 768 000 19 Oxford Street, Burnham-on-sea, 19 Somerset, Oxford Street, TA8 1LGBurnham-on-sea, Somerset, TA8 1LG priorycourt@countrycourtcare.com priorycourt@countrycourtcare.com
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Taunton and South Somerset Living Apr - May 2020

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