Unfortunately, for many parties considering the decision of whether or not to seek a divorce from their current spouse, a real cause of concern is whether or not they will be able to maintain the same lifestyle the currently enjoy after divorce.
For many divorcing parties, it is an inevitability that there will be some change in the standard of living that they currently enjoy. It has been said, numerous times, throughout the family courts of England and Wales, that divorcing parties must expect to ‘cut their cloth’ in respect of their lifestyle. Often, when two spouses separate, their previously joint assets and income now have to spread across two individuals living separate lives within separate homes. This issue is made all the more complicated when children are involved.
It also has to be said that, following the emotional fallout of divorce, many parties might not make the wisest of financial decisions when their judgement is clouded by emotions. Equally, divorce proceedings, and financial remedy proceedings, can be expensive and can therefore cause a financial strain on both parties in the future. It is essential, if possible, to mitigate any future financial strain on the parties by acting fairly, and reasonably, within any negotiations around divorce and finances.
Following the conclusion of divorce, it is natural that an individual will likely want to maintain the same standard of living that they enjoyed during the marriage. This is not only important in the individual’s stability, but also for their child(ren)’s stability where such is the case. The courts have wide ranging discretion when considering financial matters arising out of divorce and must consider a number of factors, including.
- The welfare and needs of any children, and
- The standard of living enjoyed by the family before the breakdown of the marriage.
Although the standard of living enjoyed during the marriage is considered by the courts, it is important to note that a replication of the same is not guaranteed and, unfortunately, in most case it would be impossible to expect it. Tailored, and unique, advice must be given in each case as to whether the financial resources, and assets, available to the parties will be sufficient to not only meet the respective needs of divorcing spouses and any child(ren) but to also replicate the standard of living enjoyed during the marriage after separation. It is essential that full and frank financial disclosure is provided to your solicitor to assist them in providing you with the best possible advice in relation to this issue.
