• Will your child maintenance be taken into account when you are applying for a mortgage?

    In January 2016 the Ipswich Building Society announced that they would consider 100% of income from child maintenance when assessing mortgage affordability.  They join a list of other mortgage lenders, including NatWest and Virgin Money.  However, there are some other banks and building societies that will not take child maintenance into account, or only take a certain proportion of that income into account.   This new approach by Ipswich Building Society will make it easier for separated parents to obtain a mortgage but the child maintenance does need to be supported by the Child Maintenance Service (the successor of the …

    Read more
  • When to go to back to court regarding maintenance

    A maintenance order is part of the outcome in many divorce cases. These maintenance orders can be time limited, or they can continue during the joint lives of the former spouses until an event, such as the receiving party’s remarriage, terminates the payments.   Whilst these payments are initially ordered on a “joint lives” basis, maintenance orders are always capable of being reviewed and varied. Over the past two years, there has been a significant shift in judicial thinking when it comes to maintenance orders. A joint lives order was almost a certainty for an economically weaker party divorcing in …

    Read more
  • How the changes in pension drawdown rules might affect you

    The changes in the pension drawdown rules earlier this year have been well-publicised.  As from April 2015 a person aged 55 or over has the option to draw a tax free lump sum of up to 25% of the value of their pension. While this gives the person holding the pension more flexibility it can have adverse consequences for their spouse in divorce.   There is now a risk that a spouse who reaches the age of 55, prior to a final Financial Order being made, could withdraw 25% of the value of their pension in an attempt to dissipate …

    Read more
  • The danger of not having a financial order on divorce

    One of the main concerns of couples who are getting divorced, is the finances. Typically both parties will want to make sure that an agreement is in place that is fair and workable and that gives each of them a degree of financial security.   Where the assets are straightforward couples can sometimes reach an agreement between themselves, but problems can occur much further down the line if their agreement has not been approved by the Court at the time of the divorce. This problem can also arise where the parties have reached no agreement at all but have just …

    Read more
1