The main function of PROForensics in Separation and Divorce cases is to:
a) Calculate the net realisable assets of both parties
b) Advise the legal team on any tax implications such as CGT, stamp duty and exemptions which may be available. In this context it may be necessary to have two or more financial advisers / witnesses.
c) Prepare various computations showing how gross maintenance translates to net income for each spouse.
There are some common misunderstandings in this area of how the Irish courts view divorce settlements, namely:
- In Ireland there is no law, principle or rule of thumb that assets and/or income should be divided equally between spouses. Courts want to ensure that there is a proper division of assets and/or income and key factors considered include the number of dependent children and the length of the marriage.
- The most treasured asset is invariably the family home. However again there is no law, principle or rule of thumb that assets and/or income should be divided equally between spouses.
- Matrimonial misconduct is not to be taken into consideration by the Court when determining the various financial provisions to be made unless such conduct or misconduct is ‘gross and obvious’.
Our professional expert service in this area includes but is not limited to:
- Assisting in the discovery process.
- Preparation of Affidavits of Means.
- Analysis of financial information.
- Working with solicitors and counsel.
- Conducting business valuations.
- Advice on taxation implications of separation and divorce.
- Preparation of reports.
- Attendance at court.
Separation Agreements and Divorce Settlements:
Divorce proceedings can only happen after you have been living apart for 4 years. Therefore couples generally enter into ‘Separation Agreements’. The Courts must have regard to any existing Separation Agreement in the context of a Divorce Settlement.
Consequences of failure to disclose:
There is an obligation on both parties to make a full disclosure of their assets, income, liabilities etc. A failure to disclose is likely to have serious consequences at a later date and could result in amended orders being made by the courts. The obligation to disclose can extend to an obligation to disclose a likely future windfall such as a likely increase in assets.
Contact us today if you require this specialist service.
