Whether or not a redundancy package will be shared between both parties in the divorce is very circumstantial, so there is no simple yes or no answer. It can depend on factors such as when the redundancy took place, how both parties have shared other assets, and what view the Courts will take.
What is the payout for voluntary redundancy?
Voluntary Redundancy Pay Voluntary redundancy payouts from your employer are usually higher than statutory payments. These are the general guidelines: Under 22 years old: You get half a week’s pay for each year worked. 22 – 41 years old: You get one week’s pay for each year worked.
Is voluntary redundancy better than redundancy?
Voluntary redundancy packages typically offer more in terms of financial compensation to employees than compulsory redundancy. So you may end up paying more to those employees, but the process will be shorter meaning less time paying their basic wages. One of the points of compulsory redundancy vs voluntary is morale.
Is my wife entitled to my redundancy?
Whether your partner is entitled to share in your redundancy payment will depend on whether your separation or the redundancy occurred first. Any property acquired after you separate will not be relationship property. However, the purpose of a redundancy payment is to compensate for future lost income.
Is redundancy a marital asset?
If acting for the party who has been made redundant, post separation, then our starting point will be to argue that the redundancy package is not a marital asset, given that it was not in existence during the course of the marriage, and its purpose is to compensate our client for his or her loss of employment.
Can my ex wife get my redundancy?
Whether your partner is entitled to share in your redundancy payment will depend on whether your separation or the redundancy occurred first. Any property acquired after you separate will not be relationship property. The redundancy payment may consider your past service to the company.
Voluntary redundancy packages typically offer more in terms of financial compensation to employees than compulsory redundancy. So you may end up paying more to those employees, but the process will be shorter meaning less time paying their basic wages. If an employee chooses redundancy, it will affect morale less.
What do you need to know about redundancy payments?
What is a redundancy payment? Redundancy refers to the loss of a job due to business circumstances. Employees may be made redundant due to a reduction in staff or the closure of the business itself.
Do you have to sign off on voluntary redundancy?
It’s a good idea to put it in writing. You should follow your employer’s policy or procedure for voluntary redundancy, if they have one. Your employer does not have to agree to make you redundant as they will be considering the needs of the business as a whole.
What’s the difference between forced redundancy and voluntary departure?
If insufficient employees indicate interest, the employer can move to request permission to terminate the employment contracts of the remaining employees for business economic (redundancy) reasons. This is forced redundancy, and it is quite different to voluntary departure. In forced redundancy, your job ceases to exist.
How are redundancy monies divided in a divorce?
The starting point is that any redundancy package is a martial asset acquired during the course of the marriage and therefore if you do decide to separate it may be fair, depending on the circumstances, to divide the redundancy monies and for you to receive a share.
