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Freezing January a guide to protecting assets in divorce

Freezing January a guide to protecting assets in divorce for a person fearing their ex has or is about to dispose of family investments or savings to deny your rights in divorce Cheshire divorce specialist solicitors Stonehewer Moss advise you to take early steps. Accredited finance in divorce solicitor Michael Brennan explains two or three ways to protect your position. Michael says,” Your ex is being badly advised or acting in ignorance by seeking to reduce assets as long as the overall pot of assets will compensate you for the loss. Each case depends on the facts. If there is a large asset such as a pension he might withdraw in full and inadequate assets to make up the loss, court orders preventing the disposal in the form of an injunction or freezing order can be obtained. Proportionality is the key to deciding whether to seek the order. You may be offended by overspend by your ex but if it makes little difference or costs more to freeze than you protect, listen to your solicitor and simply instruct him or her to write to your ex warning him in costs of a contested divorce and try to move settlement forward. Freezing order can be made if there is no evidence of intention to weaken your position but in most instances of clear damage to your potential claim in divorce, the statute that applies in divorce has a cost effective procedure that can be used but the court will test your evidence and it should not be used simply out of fear it might happen. In some instances a letter seeking an undertaking can be sent by your solicitor if there is currently no risk of disposal, the promise sought then being supplied to the financial institution holding the asset. In some cases it is better to argue in court for add back of the overspent funds but it will depend on your family circumstances whether a difference is made at outcome, as often the court is meeting needs first rather than re-distributing overspend. Please be wary of creating a drama in a limited resource case as legal costs could dwarf the money you feared losing if the process becomes very involved. Ensure you understand the costs likely of court proceedings before you start and think first whether out of court settlement might make more sense. If the court is not using the statutory procedure, you might be required to give an undertaking in damages should your ex or another party lose money by the effect of the order should your case prove unfounded. If a bank has to take steps to comply with an order, you will have to pay them their reasonable charges. It is vital that you take action against the right person, a family company is a separate entity and may have to be made a party if the feared disposal is not simply a shareholding of your ex being sold behind your back. “

For advice negotiation and representation in divorce cases in Cheshire please call 01606 872200 or e mail info@piplaw.co.uk visit www.stonehewermoss.co.uk

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Stonehewer Moss Family Solicitors, Citadel House, Solvay Road, Northwich, Cheshire, CW8 4DP

Family and Corporate Solicitors Northwich covering Chester, Crewe, Knutsford, Macclesfield, Middlewich, Northwich, Runcorn, Sandbach, Warrington, Winsford, and across Cheshire.

Stonehewer Moss Solicitors is a trading style of the Stonehewer Moss Limited, Registered in England No. 542 6583
which is a firm of solicitors authorised and regulated by the the Solicitors Regulation Authority No. 471159

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