Navigating Divorce: What You Need to Know About Forfeiting Financial Benefits
Divorce proceedings can be complex, especially when it comes to dividing financial assets. Section 9 of the Divorce Act grants the court the power to decide whether one spouse should forfeit some or all of the financial benefits of the marriage to the other. But what does this mean for you? Let’s break it down in simple terms.
When a marriage ends, the court can decide that one spouse should give up some of the financial benefits they would normally receive. This could include things like money, property, or pension funds. But the court won’t do this unless it’s necessary to prevent one spouse from unfairly benefiting from the divorce. To make this decision, the court looks at three main things:
- Duration of the Marriage: How long were you married? This can affect how much each spouse contributed to the marriage and what they’re entitled to.
- Reasons for the Breakdown: What caused the marriage to end? If one spouse is at fault, it might influence the decision about forfeiture.
- Misconduct: Did either spouse behave badly during the marriage? This could also impact whether forfeiture is ordered.
If you think forfeiture might be necessary in your case, it’s important to seek legal advice. You can ask the court to forfeit specific assets or all benefits, but you must do this before the divorce is finalised. The court won’t decide on forfeiture unless it’s asked to, and it’s not a decision they take lightly.
Divorce is never easy, especially when it comes to money. Understanding forfeiture of financial benefits is crucial if you want to protect your interests during divorce proceedings.
Remember, seeking legal advice early can help you navigate this process and ensure a fair outcome for both parties. If you’re unsure about your rights or need assistance with your divorce, don’t hesitate to get in touch with us for help.
