Jamie Kennaugh comments in Investors’ Chronicle on how couples can safeguard their finances
min readNot all couples choose to combine their finances, and finding a fair way to manage money together presents different challenges.
Whilst traditionally, many couples have taken a joint approach, with shared bank accounts, jointly owned assets, and common household expenses, people are increasingly marrying in life once they have established careers and their own resources. As a result, some of these couples want to retain a level of independence when it comes to their money.
While this approach is not inherently problematic, it can challenge traditional financial planning assumptions. Addressing these issues requires careful consideration to reach arrangements that are fair to both partners and result in an equitable split of money.
Some chose to keep finances separate so they can protect them in case of a breakup, but that's not always straightforward.
When it comes to divorce, in England and Wales the court's starting point will be whether a financial settlement is fair. The welfare of any dependants will always be prioritised.
Jamie Kennaugh, Partner in our Family team, comments in Investor's Chronicle:
“The court considers income, earning capacity, financial resources, contributions, needs, the standard of living enjoyed during the marriage and its duration.”
Read the full article in Investor's Chronicle here.
