SophieRay, this is a fairly old thread, I don’t know if you noticed the date of the original post.
Anyway, I shall add some comments for anybody else reading this thread.
With respect splitting the assets, or settling finances, or Ancillary Relief, or financial remedies, or whatever you want to call it … it can be simple or it can be complex.
While for some the Form E might be a simple matter because of lack of any significant assets, for others the picture is not so clear. If the major asset is a house, the valuation is fairly straightforward – go to Zoopla or hire a chartered surveyor. Simple.
If one or both parties have any share in a a small business, it’s immediately a major complication. There is no simple valuation methodology for businesses – a business is worth what someone is willing to pay for it. So one party may value a business at £50K while another values it at £500K. Hire 10 accountants to value the business and you’ll get 11 different valuations.
As you can see, there’s considerable scope for disagreement as to valuation of certain intangibles (not just shares in privately owned businesses). The same applies to some tangibles as well, notably works of art, antique furniture, jewellery…
That’s before you come to pensions, bonds, assets that can only be liquidated in a non-GBP currency (where you’re dealing with daily currency fluctuations) and a million others, share of an ex-spouse’s future earnings, child support / maintenance …the list is endless.
My advice would be that when it comes to finances, if there’s a large amount at stake it’s worth getting some advice. If the matter is contentious and heading for a court resolution, it’s a good idea to engage a direct access barrister if you’re not going down the usual solicitor + barrister route. Having counsel at the hearing can make a big difference to your settlement (even if you really understand numbers yourself!).
If you don’t have the funds to pay for legal advice, there is some legal advice available for free online. Also, avail of the free 30-60 initial consultation that many solicitors offer. Maybe talk to a Mackenzie friend. Or use one of the online paralegal helplines; they still cost money but are cheaper than lawyers.
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