How will this affect my divorce settlement?
As part of the divorce process, you will probably have been asked to get your house valued if you own it. You may also have been asked to get your pension valued as well as an investment portfolio such as shares or other investment products.
These valuations are obtained to enable your solicitor and your spouse’s solicitor to work out what property, money and pensions are available to be divided between you and your spouse. If a judge has to decide who is to have what he/she will need to know what your assets are worth.
Assets Valued Before Pandemic
If you valued your assets before the pandemic you will probably be worried that the values are incorrect.
Financial markets are very volatile at the moment and this may affect pension values.
The property market has also been affected, but to what extent, is hard to evaluate. It may be possible to get a re-valuation of property from an estate agent who has previously valued your property (who, whilst in lockdown, could provide a desktop valuation, drawing from their experience and knowledge of the local markets). You could also get an online valuation. However it is hard to see how this would be considered by your spouse to be a fair valuation.
Equally, some pension providers are taking longer than usual to provide up to date valuations due to many staff being furloughed. Other companies, such as Debenhams have recently gone into administration, which can impact on their ability to furnish pension valuations.
The reality is that at the moment it may not be prudent or even possible to try to settle your financial case with your spouse.
In addition to the above, courts are likely to put off making decisions about financial settlements due to the difficulty in valuing assets. Currently, Courts are operating a reduced timetable and in particular are prioritising really urgent cases involving the safety and well-being of children.
How Kerseys Can Help
Your solicitor can guide you through the various options available to you. We also work closely with financial advisors, and pension experts to give you the best advice possible.Divorce
Contact Matt Clemence
Matt Clemence, is a qualified Solicitor with vast experience in family law.
Matt is also a collaborative lawyer and a qualified mediator and joins Kerseys as a Partner in the family team.