Dear OTS Family Solicitors
I would like to get some information about the following :
What is the difference between a divorce and a separation?What do i do about my finances and assets before the divorce? Are there any arrangements i should make?
My ex and I are still living together in my house, how will this affect the outcome of the divorce, specially finances.
Your help with these question wil be appreciated.
thank you for your enquiry.
The difference between a divorce and separation is that a divorce is final, it legally puts an end to your marriage. This in turn means that you are able to legally divide your assets and finances from your partner.
Whereas when your are legally separated you are still legally married and are able to consider and draft a settlement agreement which sets out the rights and responsibilities of each spouse while your living apart. This can include child arrangements, how the bills are to be split, who has access to what, when etc. It allows you the time to decide whether a divorce is the right step for you.
In respect of your finances, it is an idea to start having the discussions about how you and your partner wish to divide your assets, an agreement of how your assets are to split can be made and then formalised through divorce proceedings. In order for finances to be split fairly it is important that both you are your partner provide each other with full and frank disclosure of your finances before making any such agreement. There are many factors to consider when deciding how best to separate your finances, such as length of marriage, children, contribution etc.
In respect of you and your partner currently living together in the same property, you can still be considered as separated while you continue to live in the same house. You must however be able to show that you have separate lives whilst living under the same roof, e.g sleeping in separate rooms, cooking your own meals etc. You will need to decide however what is the best course of action to take with the home and whether you and your partner wish to in the long term sell the property and split the proceeds in order to have a clean break, or continue to cohabit even after separation/divorce. These options can be explored with you.
Please note, this answer cannot be taken as a legal advice until we have your full instructions. The answer provided above is for information purposes only, if you would like to proceed to full legal advice and consult with our family law Solicitors. Please let us know your availability for an appointment by contacting us on 0207 936 9960 or through our Contact form.
We look forward to hearing back from you soon.
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