What is a pension report and when is it needed? Pensions are often the most valuable assets in a matrimonial financial settlement case. However often they are overlooked as parties focus is often on the ‘former matrimonial home’ and meeting the immediate financial needs of the parties and the children of the family. It is important that both the short and long-term needs of the parties are considered as part of the overall financial settlement. Cash Equivalent Transfer Value It is important to understand the values of the pension assets and this is why solicitors ask the parties to disclose their cash equivalent transfer values (CEV or CETV.) Often these figures alone will not give sufficient information to determine whether and how a redistribution of pension assets known as ‘pension sharing’ is appropriate and how the pension assets should be shared in order to achieve either equalisation of CETV’s or income in retirement. When is a pension-sharing report required? In cases where there are defined benefit pensions, the CETV may not represent the “true value” of the pension. Other circumstances where a pension report may be required are as follows: Defined contribution pensions with hidden values or other complicating factors; Where parties are seeking an equality of income in retirement where there is a significant age difference between the parties; Where either party has a serious medical or health issue; Where pensions have been accrued prior to the parties relationship and marriage When would a report not be required? A report may not be required: Where the pensions are uncomplicated defined contribution pensions; Where the values are modest in relation to the overall matrimonial assets; Where there parties are in their 20’s or 30’s and have had a relatively short marriage. How can we help? It is important to remember that each case and set of circumstances is different there is no “one size fits all” therefore it is extremely important that, if there are pensions, you seek early legal advice. At Browell Smith & Co, we aim to provide clear and tailored advice and assistance in respect of your specific family circumstances. Our family law solicitors are highly experienced in this area and are able to advise and assist you in instructing a pension on divorce expert to produce a report should it be deemed necessary in your case.
Parental Orders – Surrogacy and Same Sex Parents The law, in England and Wales which governs surrogacy, is the Surrogacy Arrangements Act 1985 and the Human Fertilisation and Embryology Act 2008. Where a child is born via surrogacy, the surrogate is recognised as the mother. If the surrogate is married, then her husband would be considered the Father. If not married, then the biological father would be deemed the Father; whilst not necessarily acquiring Parental Responsibility. In order to become legal parents the intended parents must make an application to the Court for a Parental Order. A Parental Order effectively legally reassigns parental rights and responsibilities to same sex couples. Legal advice should be sought at the earliest opportunity in respect of an application for a Parental Order as complications can arise. For example, if a Parental Order is not obtained, then those who intend to be the child’s parents would not be the child’s legal parents. In the absence of a Parental Order, those intending to be the child’s parents would have no Parental responsibility for the child. In the absence of Parental responsibility, the intended parents would be unable to make those important decisions parents make, such as those relating to medical care and education. How do you apply for a parental order? In order to be able to apply for a Parental Order the intended parents must pass certain criteria The applicant or applicants must be either married or in a civil partnership or an enduring family relationship. At least one of the parents must be biologically related to the child The Application must be made within 6 months of the child’s birth The Surrogate must agree with the application unconditionally and provided consent at least 6 weeks following the birth of the child We provide advice and support when looking to obtain a Parental Order If you require advice and support in respect of an application for a Parental Order then please do not hesitate to contact the Family Law Team at Browell Smith & Co.
Law is not a game- the importance of seeking legal advice A High Court judge in Civil Litigation Proceedings recently urged litigants in person to seek legal advice after they made a number of procedural mistakes stating “The law is not a game and it involves both emotional and financial costs”. Family Law usually involves the most important decisions that can be made about your future- arrangements for your children, decisions on housing, income, and investments. It is tempting, especially in the current financial climate to save money on legal fees, to research online, and to represent yourself. There are many benefits to seeking legal advice and many risks in not doing so. Instructing a family law solicitor could save you costs in the long term Seeking legal advice at the outset to consider your options and the best way to present your case can save costs in the longer term and result in a more favourable and quicker settlement. Family solicitors are skilled negotiators, with experience and training to ask relevant questions and identify key issues. Court is a last resort, whilst reaching an agreement through negotiation saves both time and costs. Our aim is to achieve the best outcome for you and your family The breakdown of a relationship is an emotional time. You are unlikely to be best placed to objectively present your own case. A solicitor will work with you, discuss your concerns, advise you, draw out the relevant points to achieve the best outcome for you and your family and then present your case to the other party and if necessary to the court. There are rules and procedures that must be followed Law is complex and constantly evolving. There are rules and procedures that must be followed. Failure to do so can result in costs orders being made or a key point may be missed that affects the outcome. Information found online is not always accurate. A specialist family solicitor will be able to advise you on the current law and any recent changes to procedures. Contact our Family Law team If you need advice or assistance in respect of the above then please do not hesitate to contact the specialist Family Law team here at Browell Smith & Co.