Division of Assets and Debts
The separation of assets and debts can be complex, especially if there is disagreement between the parties.
Under Scots Law, assets are divided fairly, which usually means equally unless certain circumstances apply. We are here to help guide you through this calmly and make sure you make the right choices for you.
When going through a divorce or separation it is important that both partners understand their financial situation and try to stay as dispassionate and thorough as possible. This is where we can help you as, in addition to solicitor assisted negotiations, our legal team has years of expertise in collaboration and mediation, which encourage open, honest and constructive conversations.
We can advise you on:
- What assets you are entitled to.
- How assets such as life insurance, pensions, property, savings, cars and personal belongings are divided up.
- What to do if you discover that your partner has not disclosed assets.
- What will happen to any debt either of you have, such as credit cards, overdrafts, loans or tax.
- Who is allowed to keep the family pet.
- What will happen to any business interests.
- How any property you owned before marriage or civil partnership will be taken into account.
- What will happen to any inheritance you have received.
If you cannot agree on the division of assets and debts, the court will be asked to decide. We can guide you on what to do if orders for payment of capital sums or property transfer orders are required.