Separated With No Money? What Now?
So you have separated and you have little in the bank to make it day by day.
It does not matter what the assets are, cash flow is a very different thing. Based on research at the point of separation, when two separate household budgets are required, the average family needs to either reduce its expenditure by 30% or increase its income by 30% to make financial ends meet.
For most, this is an impossible ask, made worse where one party has the primary care of the children or when the parties work in a family business. So how does spousal maintenance work where one party wants maintenance and the other says they can’t afford to pay it?
Not an uncommon scenario.
The Court has power to make interim orders for spouse maintenance on an urgent basis pending any final resolution of any property and long term spouse maintenance issues. Interim spouse maintenance orders can include not only recurring periodic payments but can also include the transfer of property from one spouse to another. Parties need to comply with their financial disclosure requirements in order that assessment can be made as to both parties financial position in terms of assets V liabilities and earning capacity V reasonable expenses. Too often parties ignore the words capacity and reasonable but these are the very important words that will often determine the fate of a spousal maintenance application.
Very often we can quickly negotiate a spousal maintenance package so as to avoid court proceedings but if negotiations fail then the Court can make orders for interim spousal maintenance payments on a very urgent basis.
The is no precise formula to determine the sum of maintenance to be paid as each case is decided on its own.
Separation is difficult for everyone, made even more complex by the financial stress that follows separation. At The Norton Law Group Family Lawyers we can assist you and work with you to help you understand any spousal maintenance you may be entitled to. We recommend you obtain specific advice relevant to you and your family’s situation.
Speak to us today to get started.
