While filing a divorce case, it is an essential component to give a detailed description of your asset you hold. This is important because your assets will be equally divided between you and your ex-spouse as decided by the court.
It could be because both of you have earned it together and it could be also because the partner who is not earning has to get alimony.
In a new development in United Kingdom, the “divorce settlement” can be worked out together by the spouses.
There is proposal forwarded by Law Commission which allows couples to sit and calculate the settlement amount in terms of cash, asset or any other possession they have.
Advantages of such a settlement
- A lot of time and money is invested in listing the assets by both the spouses, this process will save that.
- Every divorce lawyer may not be able to handle the “divorce case” and “settlement issue” together, so there are cases when one needs to hire two attorneys, one for representing the case and another for settling the assets.
- Guidelines pertaining to settlement will also be provided online so that people who want to check on the net without even taking anyone’s help can do the same.
- Law Commission also suggests that “family homes” could be kept out of any divorce settlement, provided they were inherited or built up before marriage. This means the settlement will be discussed and considered only the ones which have been developed after marriage.
The Law Commission aims at making things simpler for the divorce cases which have increased in the recent past. With growing intolerance and stress level amongst couples the cases are likely to rise in number in the years to come. This consumes a lot of time of court which otherwise would have been utilized for some other, more important case.
Yet there are some who believe that “settlement” will not be done in a justified way if they are not approved by a court. They still believe that the court should intervene and make decisions for the couples getting separated. They fear that the partner who has a dominating personality will over shadow the other partner and might not allow him or her to get his rights adequately.