Getting the best outcomes in Preston family law cases
Many people in Preston and throughout Lancashire receive assistance from the skilled and committed family lawyers at Stowe Family Law.
Led by Team Leader Partner Matthew Taylor, our skilled and compassionate family law team is committed to providing clients with the best possible legal advice and representation.
We support clients with a legal service that brings assurance and peace of mind, whether you are seeking to reach a child arrangement, agree a financial settlement, or resolve issues surrounding business ownership and divorce.
Pension vs family home - what to consider
Despite the fact that pensions are often the second most valuable asset in a marriage, typically second only to the family home, there has been a drop in pension sharing orders, down 35% since 2017.
All too often, division of pensions is overlooked in favour of keeping the family home. Whilst this seems like a simple solution, it can be a costly mistake. By not including pensions in divorce financial settlements, people are missing out on potentially higher long-term income and improved future financial security.
Our Preston family solicitors help clients include pension division in divorce. They first get a clear understanding of all the matrimonial assets, including an actuary report, for an accurate valuation of the pensions.
They also assist clients to establish income and outgoings, and the cost of continuing to run the family home, which helps inform decisions.
With accurate figures, clients can compare scenarios and determine which is more financially beneficial.
From there our expert family lawyers can draft financial settlement proposals including fair division of pensions to ensure both parties get what they are entitled to. Once agreed a consent order legalises the agreements.
Working out the division of business to secure a fair settlement
In a recent instance, Stowe Family Law in Preston represented the wife in a complicated financial settlement involving a family business that both parties had stakes in.
The couple had been married for 20 years, and started their business together 6 years into the marriage. Run predominantly by the husband, the wife knew little about the runnings of the business, its value or income potential, as she had taken time out of work to care for the couple's children.
It was important that the team had a detailed understanding of the business, what it is worth, what income it provides, and could potentially provide in the future.
The business structure was unusually complex and our lawyers felt the disclosure from the other party could be inaccurate, as previous valuations seemed low. So, the team called upon Stowe’s in-house forensic accountancy team.
Working together, they could establish a more accurate business valuation, as well as a greater grasp of the structure and income possibilities.
Stowe could then advance negotiations from a fully informed stance, to secure a more equitable financial settlement for our client.
Spousal support, also known as spousal maintenance, is a regular payment made after a divorce from one former spouse to the other.
Agreeing an appropriate amount of spousal maintenance to be paid can be challenging.
In one case, our Preston family lawyers helped one client who had been married for eight years. The couple had two young children, aged six and three. The client’s husband earned more than £150,000 per year. Our client worked part time and earned significantly less.
The couple had already agreed the wife would stay in the family home until the youngest child was 18. It would then be sold and the equity split 50/50. However, once an accurate picture of finances was calculated it was clear the wife would struggle to meet living expenses on a part-time salary.
The team worked with the client to gauge reasonable living expenses and establish that there was a shortfall, even after child maintenance was factored in. It was also revealed the husband would have surplus income after all his reasonable needs were met.
After lengthy lawyer-led negotiations with the other legal team, the husband agreed to cover the shortfall until a mutually agreed point in time, at which point the spousal maintenance would be reviewed.
Contact the Preston team at Stowe Family Law
With more than 70 offices around the country, Stowe Family Law is the biggest family law firm in the UK.
The Preston office in Lancashire, offers family law advice to people dealing with issues like divorce, civil partnership dissolution, cohabitation issues, and nuptial agreements.
Team Leader Partner Matthew Taylor, Senior Associate Rebecca Finnigan and Associate Megan Brookfield and the wider Stowe team in Preston are available to assist with any family law situation.
So, if you need the best child law services and divorce advice Preston has to offer, you can contact Stowe Family Law by requesting a free call back or calling us at 01772 953946. Our Preston family solicitors office is located at Unit 5, Albert Edward House, The Pavilions, Ashton-on-Ribble, Preston PR2 2YB.