When it comes to family law, many people think the rules and rights only apply to married couples. However, if you’re unmarried with children, you also have certain legal financial rights, particularly if the other parent is a high earner or lives overseas. Understanding these rights can help ensure the financial wellbeing of you and your children.
As an unmarried parent, it’s essential to know that you can apply for financial orders to help meet the costs associated with raising your children. These orders can range from covering extra-curricular child costs to making provisions for a purchased home. Here’s a breakdown of the types of financial orders available to you:
Who We Are
At Rainscourt Family Law Solicitors, based in central Milton Keynes, we specialise in addressing the complex financial implications that high net worth individuals face in scenarios involving divorce, separation, and disputes about children. Our experience extends to a variety of complex cases, many of which involve international dimensions, enabling us to offer comprehensive legal advice and efficient representation.
Your Financial Rights
It is crucial to be aware of the extensive range of financial orders you can apply for to secure your financial future and that of your child. These orders are not just about covering basic needs, but also about ensuring an environment where your child can thrive. Here’s a closer look at some of the orders you might consider:
- Extra-curricular child costs: This covers expenses related to your child’s extracurricular activities, such as sports, arts, and any other interests they may pursue. These activities not only contribute to their holistic development but also maintain their lifestyle.
- Purchasing a car for the parent’s use: A reliable means of transport is crucial, particularly for parents with busy schedules and multiple responsibilities. This order can cover the cost of a vehicle used primarily for child-related needs, such as school runs or medical appointments.
- Maintenance of medical insurance cover: Ensuring your child has comprehensive health coverage is of utmost importance. You can apply for an order to maintain your child’s medical insurance, thereby securing their health needs.
- Taking out a life assurance policy: This order ensures financial security for your child in the event of the parent’s death. The policy can provide a safety net, particularly when considering long-term educational or housing needs.
- Providing a lump sum: If there are substantial costs that need addressing immediately, a lump sum order could be considered. This might include urgent housing requirements or educational expenses.
- Providing a purchased home: This involves an order for the purchase of a property where the parent and the child can reside. This ensures stable housing for your child.
- Paying the mortgage and outgoings: This covers ongoing mortgage payments and other housing-related costs, securing the child’s residence.
- Meeting the additional costs associated with a child’s disability: If your child has special needs or a disability, there may be additional costs related to their care, therapy, or equipment. This order can help address those needs.
- Paying school fees: This covers the cost of education, which can range from fees for a private school to university tuition, ensuring your child’s uninterrupted education.
Practical Tips
Here are some practical tips to help you along the way:
- Document your Expenses: Having a detailed account of your child’s needs, including schooling, healthcare, housing, and extra-curricular activities, can strengthen your case when applying for financial orders.
- Seek Professional Advice: Every case is unique. Therefore, consult a professional family law solicitor who specialises in high net worth cases to understand your rights and potential legal strategies better.
- Plan Ahead: If your former partner resides overseas, consider potential jurisdictional issues. Proactive planning can help you navigate these complications more smoothly.
- Open Communication: Establishing open lines of communication with your former partner can foster a co-parenting environment that benefits your child. This could also assist in agreeing on financial arrangements out of court.
- Mediation and Dispute Resolution: If reaching an agreement is challenging, consider mediation or other dispute resolution methods. These non-confrontational avenues could save you time, stress, and legal costs.
- Diversify Your Financial Plan: Given the potential complexities of high net worth cases, diversifying your financial plan can provide additional security. Consult with financial advisors in addition to your legal team.
- Be Mindful of Deadlines: Legal processes are often time-sensitive. Ensure all paperwork is filed promptly, and legal deadlines are met to avoid any potential delays or issues.
- Maintain Your Privacy: In high net worth cases, there can be an increased focus on preserving privacy. Ensure you understand how your case will be managed to keep sensitive information confidential.
Why Choose Rainscourt Family Law Solicitors?
Dealing with high-value assets and cross-border financial implications requires a level of expertise that not all law firms can provide. It’s crucial to work with professionals who not only understand family law, but also how to navigate the complexities of high net worth cases to secure your financial future and that of your children.
Rainscourt Family Law Solicitors have an exceptional track record of providing expert legal advice and achieving successful outcomes for our high net worth clients. Our team is equipped with a deep understanding of the financial complexities surrounding unmarried parents, particularly when dealing with high earners or those living abroad.
We encourage you to learn more about our specific services and our achievements on our website. For personalised advice or legal representation that takes into account your unique circumstances, don’t hesitate to contact our experienced family law solicitors. At Rainscourt Family Law Solicitors, our mission is to protect your rights and secure your family’s financial future, whatever your circumstances may be.
Get Expert Advice You can contact us for confidential family law advice. We offer free, no obligation, telephone consultations for qualifying individuals. If you would like to book an initial phone consultation at no cost, please contact us today. Copyright 2013-2022 Rainscourt Law LLP. All rights reserved.