Transcript for Divorce Advice: Finance and Establishing Needs – Top Divorce Lawyer Marilyn Stowe
The million dollar question: how much will I get out of my divorce?
Every case is different and the law is designed to adapt to every case. The way the law works is this:
First of all, the courts will want to know how much there is in terms of income from both parties and capital. Then, when the lawyers are happy that everybody knows what everybody else is worth, it’s a case of how does it divide up.
The first thing to think about is: what are my needs? What do I need going forward?
Very often, when a client comes to see me and you say to them “Well, how do you see your future?” the answer is a quite blank look, and “I haven’t thought about that”.
But you need to think about it. Where do you see yourself living? How do you intend to live? What sort of income will you need? How much money will you need for a house? Do you intend to take a mortgage? Can you afford to take a mortgage? Is your income from work going to go up? Can you go out to work at all? What are the children going to cost? Where will they live? How will time be divided between the parties?
Assessing need is very important and it has to be done very carefully.
My advice is that you’ve got to balance things. Don’t be an ostrich. Don’t put your head in the sand, ignore it and hope it will all go away because it probably won’t. Don’t allow assets to be depleted or don’t give your spouse the ability to move assets without you knowing about it, or spend them.
Equally, take your time. Think about what you want to do, what your needs are going forward, and how those needs are going to be met.
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