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Family Finance Notes

LPC Law Notes > Family Notes

This is an extract of our Family Finance document, which we sell as part of our Family Notes collection written by the top tier of Cambridge And Oxilp And College Of Law students.

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Family Law
Homelessness (Matrimonial Home)




Registered matrimonial home right immediately (s.30 FLA 1996)- home right notice no need consent- right for spouses, but only applicable on former or current matrimonial home (only one)
S.24 Property adjustment orders e.g. apply out for outright transfer or Mesher
Joint tenants- no need to register rights, automatic right (advise severing tenancy due to survivorship)
Prevent getting decree absolute before sorting out financial
Registration- Do index map search: Unreg: Class F land charge/ Reg land: Agreed notice

Sale of business


Injunction order (s.37.2(a) MCA)-: show other party about to make decision to defeat financial claims
Make application of financial relief (proceedings started when ticked box in divorce petition)
Apply for an injunction to prevent sale BUT must have started proceedings under MCA
o About to make

A disposition of property

Intention of defeating the claim

Rebuttable presumption that the other party intends to jeopardise her claims

Sale of Rental Home

S.37.2(b) apply to situation where sale already happen- to set aside and undo it
Apply for an injunction to set aside sale under s.37.2(b) MCA BUT must have started proceedings under MCA
o Is it a reviewable transaction (not to a bona fide purchaser with valuable consideration)?
o Intention of defeating the claim

Presumption of malevolent intended sale with last 3 years and will jeopardise the claim within financial proceedings

Action:



Register s.30 right
Petition for divorce (tick all financial orders in prayer for her and children)
Activate application for financial orders under s23 and 24 by filing Form A
Consider applying for s.37 injunctions or seek undertaking from other party

CMS calculation -No clean break between child and parent






Gross annual income
Deduct pension
Weekly gross income
Other children?
Basic rate for e.g. two children (apply 16% rate up to GBP800 and 12% rate to balance)
Do the calculation
Shared care?

GBP50,000 p.a.- GBP961.5 per week
GBP800 x 16%= GBP128
GBP161.5 x 12%= GBP19.38 128+19.38= 147.38
Shared Care: 2 nights per week: 147.38 x 2/7= 42.1-> 147.38- 42.1= 105.28
How big is the pie? -Capital and Income (Net equity) Family Law
Net Assets
Surplus of Business
Savings and investments
Matrimonial Home
TOTAL
Yardstick= GBP80,000

Husband 25,000 15,000 240,000 (Mortgage 120,000)
160,000

Wife

Joint

s.25.1(a)
Yardstick of Equality (capital assets only)= Half portion of net assets
Possible options for the house?


Sale and split
Outright transfer
Deferred trust eg Mesher- Court will decide % share if parties can't agree

Income
Weekly income
Net salary
Child benefit (2016/17 figure)
Child tax credit
Child maintenance service
Income per week
(Ignores voluntary maintenance)

Mr

696.15 (-147.38)

548.77 Mrs

34.4 117.4

147.38 299.18

Effect of H's offer on capital


H has GBP100,000 (60,000 + 25,000 + 15,000)= 62.5% capital of the GBP160,000 total pie
W has GBP60,000= 37.5% capital
(After sale costs)

Effect of H's offer on income




No maintenance
H has GBP548.77 per week
W has GBP299.18 per week
Where would W and children live?
How would they manage?

Why is the offer not acceptable?


S.25(1)
S.25(a)
S.25(2)
o Income

Needs

Standard of life

Disability

Contributions

Conduct

Case of proceedings
S.25(3) Child

Financial needs

Income

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