In times of recession, proportionality over the use of experts is critical,
says Ayla Dogruyol
Married couples are continuing to separate despite the financial difficulties of doing so when assets have devalued and may not be readily realisable. Some will be concerned about the cost implications of formalising their separation and this article highlights two practical steps which parties can consider to contain costs when doing a deal in relation to the finances.
The judge at a final hearing bases his decision on the Matrimonial Causes Act 1973, s 25 which requires consideration of the financial resources available to the parties now and in the foreseeable future. Consequently, at the outset of any settlement discussions the parties should be satisfied that all the assets have been disclosed. They then have to work out what those assets are worth.
Experts
Parties are first encouraged to try to agree the value of the family assets. In the absence of agreement, or if they do not know the value of the assets, the preferred court direction is for a single joint expert (SJE) to be instructed.
