You may want to live with a new partner before your marriage has become legally dissolved and a financial settlement has been reached. At this very moment in time, you might be concerned about how this may affect your divorce settlement.
As with all advice offered via our company blog, we strongly recommend seeking legal advice from a family lawyer as early as possible during this process. This can sometimes significantly impact the outcome of your divorce settlement.
This article will discuss the implications of moving in with a new partner before your divorce settlement is finalised.
Will having a new partner coming to live with me alter my divorce settlement?
It's essential to distinguish between dating someone and somebody coming to live with you at your address. That is because a new partner coming to live with you can alter your financial situation, meaning that your new partner may be contributing to paying, say, your mortgage repayments every month.
Therefore, this new partner may well be contributing to your other expenses, which could alter your divorce settlement moving forward.
Why it’s essential to supply a “full and frank financial disclosure” from the outset
Before proceeding, we want to emphasise the importance of transparency with your finances throughout the divorce process.
If you provide anything less than a full and frank disclosure, this could lead to potential disputes later on down the line, potentially prolonging the divorce process.
This is why we stress the importance of being as open and honest as possible and to also provide a complete and frank disclosure when completing Form E.
It's also important to be as frank and honest as possible when supplying financial information to the courts and your appointed family lawyers. This can help prevent potential disputes and expedite the divorce process.
However, if, for instance, you move a partner into your property and they contribute to your monthly expenses, such as bills and mortgage, but this is not disclosed, this could sometimes extend the time it takes to reach a divorce settlement. Therefore, when filling in your Form E, it is always best to be transparent and as straightforward as possible right from the start and not try to conceal any assets or give false information.
Could my new partner moving in with me reduce my overall divorce settlement?
To answer this question, you should seek bespoke legal advice from your appointed family lawyer as soon as possible.
However, it could be argued that if your financial needs are reduced, and that’s because your new partner may well be contributing to paying some or all of the mortgage repayments, this could alter your financial settlement. Of course, other financial contributions, such as utilities, car repayments, etc., will also be considered.
If a partner has, let's say, sold their property and moved in with you, and you are now, let's say, splitting mortgage payments 50-50, then this will reduce your monthly outgoings and, therefore, alter your financial needs and outgoings per month.
The family courts and your lawyers must know about this, as it could alter your financial settlement during a divorce.
Do seek expert legal advice at the earliest opportunity
This is an area of family law where your solicitors must carefully examine your unique financial situation. For example, a new relationship could take many forms, such as your partner possibly owning their property and residing across two properties.
How much your new partner contributes towards your utilities and mortgage expenses could affect your financial settlement. This is why it's important to discuss your current situation with a family lawyer so they can offer bespoke advice tailored to your problem.
Contact the experts within Cardiff; we are on hand to help you throughout your divorce. Our expert family lawyers are on hand to answer any questions.
