Other Assets

Frequently Asked Questions about Other Assets

My husband/wife has a business; can I make a claim on that business?

It is clear that the business will have to be taken into account as an asset. Beyond that, the following factors become important:

  • The value and nature of the business (values of business can be difficult to ascertain) Whether the claims that you have could be adequately met from other assets
  • All the other factors that have to be taken into account on deciding a financial settlement
  • Of particular relevance to a business is whether or not the party making the claim had any involvement in the business. If they did then their claim becomes stronger.

My husband/wife and I have a joint life policy. How should that be dealt with?

There is a difference between a life policy such as an endowment policy which requires a surrender value and a life policy where a sum would be payable purely on death.

If the policy has a value then this is a asset which in some cases can be considerable and must therefore be taken into account when dividing the assets of the parties.

How important are contents in a financial settlement?

In financial terms they are not important. Certainly Courts are very reluctant to get involved in disputes over contents and the costs would rapidly outweigh the benefits. The only exception would be contents of exceptional value, for instance antiques.

Nevertheless, it is accepted that certain contents may be of personal or sentimental value and therefore can be dealt with as part of the settlement.

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