Financial remedy proceedings can be the most complex aspect of divorce. The court has the power to make orders such as spousal maintenance payments and pension sharing, as well as property transfers and lump sum payments.
Spousal Maintenance Payments
It is essential when deciding how much money is to be paid by an ex-spouse that you also consider how long the payments will need to be made for.
- What happens when the payments reduce or stop?
- What income will take its place?
Often the answer is pension income, so it is important to make sure that the transition is as smooth as possible.
If the maintenance payments cease but the pension income has not started, it could leave a spouse unable to meet their outgoings.
This is why the Government’s current policy to increase the minimum age at which people can access their private pension from 55 to 57 in 2028 is a factor that needs to be considered.
Whilst there is no current legislation on this and a future Government could decide not to increase it, it would be unwise to base your future on this assumption.
Get Expert Legal Advice
If you are in the midst of, or planning on starting divorce proceedings, maintenance payments and other aspects of financial remedy will need to be considered.
Our family law team are specialists in their area and will work to get the best possible outcome for you.
Call us on 0161 969 3131 or fill in our contact form and we will call you back.