A Legacy Intact: safeguarding your family business in the event of divorce - Book - Page 15
The English Family Court has wide-
It is worth noting here that the law in
ranging powers to make various
this country treats married couples
financial orders upon a divorce namely:
and
cohabiting
couples
completely
differently. Contrary to what many
1.
2.
3.
The payment of a lump sum or
believe, there is no concept of the
series of lump sums by one spouse
‘common law spouse’; however long a
or civil partner to the other;
couple have lived together, a cohabitant
The sale or transfer of properties
does not have anything like the same
owned by either spouse or civil
rights as a spouse in respect of finances
partner or in their joint names;
on a relationship breakdown.
The sale or transfer of shares or
other assets;
4.
The sharing or transfer of pensions;
5.
The maintenance of a spouse for a
defined term or on a lifelong basis
THE L AW IN ENGL AND TREATS SPOUSES AND
C O H A B I T E E S V E R Y D I F F E R E N T LY. S P O U S E S
H A V E S I G N I F I C A N T LY M O R E R I G H T S I N
REL ATION TO FINANCIAL SE T TLEMENTS
IN THE EVENT OF A DIVORCE
(it is worth noting that maintenance
claims are capable of being
“
THERE ARE CASES
IN THE PUBLIC
DOMAIN WHERE
COUPLES, WHO
TOGETHER HAVE
O W N E D I N C R E D I B LY
SUCCESSFUL
BUSINESSES, ARE
BOTH LEFT WITH
ASSETS OF A
FRACTION OF TH AT
V A L U E , A S A R E S U LT
OF DISPUTES
ARISING OUT OF
THEIR DIVORCE
capitalised so the paying party
pays one large lump sum in place
of ongoing monthly maintenance
payments); and
6.
Child maintenance during minority
or until completion of education,
including tertiary education; such
may include the cost of a nanny
and school fees.
How the Court determines what orders
KATIE O’CALLAGHAN
FA M I LY P A R T N E R
are appropriate to make in each case is
addressed in the following chapter.
A LEGACY INTACT - EXPOSURE
15
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