As expected, the starting point of dividing assets in the UK is 50/50. Be that as it may, the financial settlement varies widely from case to case. That is because the different circumstances of the parties play a key role, as do their needs in deciding who gets what from the matrimonial assets. Financial claims arise from the divorce and sometimes one party gets a bigger share than the other.
Dividing assets during a divorce is never a straightforward process. The following guide hopefully sheds some light on it.
Defining matrimonial assets
These assets represent the property that both partners have built up in the time of their marriage. As a common endeavour, both parties have worked to build up a financial product, which takes up many forms and outlines the matrimonial acquest. In most cases, the greatest part of the matrimonial assets is made up of pension and the matrimonial home that the parties share.
Resolving financial issues
These can be difficult to solve since the matrimonial assets funding the current household will then need to fund two. Courts often order lump sum payments or some other form of payment (for example periodic payment), which also go by the name of spousal maintenance. Courts must make it so that the parties are independent of one another, as soon as the divorce ends. Such is the aim of the Matrimonial Causes Act 1973.
What are the main points UK courts consider in regards to dividing assets?
Divorce and income
Each of the divorcing parties is under the duty to maximize their income, i.e. not just rely on the other party. Sometimes though one of the parties may not be able to work, because of health issues, or because they need to care for young children. If their earning capacity is not very high, their financial situation is going to be difficult, and the court needs to consider that.
Adjustment of property
The property, which both parties own jointly, may be transferred to the ownership of either one. Typically, these scenarios play out:
Knowing more about dividing assets during a divorce is important in understanding this complex process.
If there is one topic that many solicitors need to answer way too often, it is lease extension. Consequently, they are among the applications that see most requisitions on, which means that the more informed the public is about this topic, the better. There are many issues people encounter in regards to lease extensions, so the following guide should help anyone who wants to know more about the essential points surrounding lease extensions.
In any case, always be mindful of the fee you quote. If there is a mistake with that, there is the possibility for requisition, which will significantly slow down the application progress, as well as the registration process, and that is not something you want.
Knowing more about the process of lease extension is a good way to avoid the most common problems associated with it. If wish to get more info, check out https://www.carlsonssolicitors.com/
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You may feel like the time your lease expires is so further down the road that it barely needs any attention now. However, believe it or not, sometimes it can creep up quickly, leaving you with little time to negotiate a new lease.
If you fail to plan for the renewal of your lease, you risk putting your company in a financially challenging situation. This is not something you want to face, so it is a good idea to consider the key aspects of leasehold enfranchisement.
According to professional solicitors, there are a few mistakes people make during the renewal and negotiating process. Following are some of the most notable examples:
1. You take too long to establish a game-plan
This was already touched on, but it requires some further explanation because it is the most common mistake that people make in regards to their lease. If you don’t take the time to devise a plan, you will not manage to get the desired results. The idea is to drive the process, instead of allowing it to drag you. By taking the time to define your goals in regards to the lease and creating a timeline will open up the door to many options, none of which are impossible if you get on to it too late.
<h2>2. Instantly agreeing to a lease extension with the landlord </h2>
A great number of tenants typically ask their landlord for a lease extension straight away. Landlords are glad to receive such offer because it gives the notion the tenant is willing to stay. While it is a good idea to ensure a smooth and easy process like this, it doesn’t hurt to allow your landlord to worry a little bit. You can go out there to look for some other options and let your landlord hear from the market that you are doing so. This will strengthen your negotiating position.
3. Consider exit strategies for the new lease
If you are a company owner and you are to sign a new lease, it is only normal to think about how it is going to serve your needs over the term. However, expert solicitors recommend you pay somewhat equal attention to the potential of making an exit before the term. After all, having a back-up plan is always a good idea. One common strategy would be to sublease the place to someone else, though it can prove difficult to find the right tenant for this. Thus, planning ahead is crucial, with all of the tenant-improvement costs associated with reconfiguring the space for subleases. While it is true it may never happen, it is always a good idea to be able to exit without any problem.
4. Get a good estimate of your tenant improvement costs
One of the major mistakes people make in regards to their lease extension is to underestimate the tenant improvement costs. Don’t find yourself in a situation where the estimated costs are lower than the real costs. If it is the estimated costs and not the real ones that make it to the lease agreement, you will pay a lot of overages. It is a good idea to bid the scope of work to come, to negotiate a better lease.
5. Don’t fight over small things
Always bear in mind the negotiation process is a series of give-and-take. Getting the best deal means giving on certain issues and holding firm on others. It is essential to determine which is which so that you can establish a firm position and not fight over all the small insignificant things.
Now that you know of these common mistakes when negotiating a lease extension, you are better prepared to handle the process or look to hire the right experts for the task.
If you own a small or medium business and you ever face a dispute, it is likely that you will lose a lot of money, if you don’t consider the services of a solicitor. That is usually money you would like to keep, so there is not really anything to wonder about. Getting such an expert on board is necessary to resolve any issues – big or small.
Some people believe that instructing a solicitor to deal with a commercial dispute is somewhat costly. However, you should look at this the other way around – not instructing a solicitor to handle the case is something that will make you lose money. They will deal with the case before it has grown into a complicated problem, that can even ruin your business.
Sometimes it is the prevention of dispute that matters most
When it comes to businesses, chances are they will be involved in a dispute at some point. Whether it is a customer, a supplier, or some competitor, there will be some cost to the business, which can impact the company negatively.
Most commercial disputes fall in the contractual category. They result from delayed payments or no payments at all between the customers and the suppliers. This makes small businesses particularly vulnerable in these situations since they do not possess the resources to handle severe disputes. Therefore, it is of utmost importance for them to prevent disputes. Possible ways to do this include:
- Minimising the mistakes of credit control
- Excellent management of commercial arrangements
Small businesses should speak to their lawyers and solicitors on how they can manage the contractual process better. They should also invest in updating relations with their suppliers and clients. These are the changes that one business can implement to minimise the chance of disputes arising in the first place.
Resolving business disputes the right way
According to experts, small and medium businesses that do not tackle their disputes the right way, do one of three things:
They simply ignore the issue, which is by far the worst strategy imaginable.
They recognise the need to do something but decide to do so without the help of experts. This often leads to further problems, which may increase the loss.
They turn to advisors, who simply lack the expertise to handle such matters. For example, they often rely on their accountant or financial adviser, while they should be speaking to a legal expert instead.
It is of utmost importance to recognise these potential pitfalls and work to avoid them. Not only do they lead to no efficient resolution, but also further the problems and cause potentially big losses. That said, a professional solicitor can be of real help, due to the fact they can identify the issues and advise the business on the different options. They will also do another important job: to explore whether some sort of settlement with the opposite side is possible.
When the dispute enters the stage of legal proceedings, instructing a solicitor is perhaps the best option. Don’t end up in an ‘if only I had acted sooner’ situation since that can cost you money and can make the problem even bigger. One of the most important aspects of litigation is how you are going to finance it. Consider conditional/contingency fees, or ask if there is the option of funding together and placing insurance if the case fails.
Obviously, you don’t want to find yourself in a situation where the inappropriate handling of a dispute can harm your business. That is why you should always be preventive, act quickly if the case is unavoidable and consider the expert help from solicitors, who can find the best form of resolution.
If you are interested in reading more tips on the matter, visit Carlsons Solicitors.
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