Division of Family Assets
Following upon separation in Scotland, many people simply wish to divide their assets without proceeding to a Divorce and those who are, are still best advised to reach agreement about settling their financial affairs rather than ask a Court to do so for them.
When negotiating the terms of such an Agreement we use the rules laid down in the Family Law (Scotland) Act 1985 since these are the rules that a court would use when determining any such question between 2 divorcing parties.
Generally speaking these rules provide that all assets built up during the marriage by the parties are to be shared fairly between them. Fairly usually means equally but there are exceptions and expert advice is required to ensure that your rights are properly protected. Once an Agreement is reached then this is formalised and signed and it then becomes an enforceable contract.
Once registered the Agreement has the same force as if it were a court order. Neither party then has to make any court application to enforce it’s terms. The time spent negotiating the terms of an Agreement can be extremely stressful and difficult.
It is essential that you have the best professional advice to guide you through this process and to support you in dealing with this and the decisions that require to be made. For more information please book a free initial consultation.