Financial Settlements in Divorce Proceedings
Divorce is challenging, but our specialist Divorce Settlement Solicitors can help ease the financial burden. We understand that navigating shared finances and assets post-separation can be overwhelming. Each case is unique, and we take the time to understand your specific circumstances and how your matrimonial finances were formed during your marriage and cohabitation.
We aim to secure your future after divorce by achieving a satisfactory financial settlement, a legally binding decision on how assets and liabilities are divided when your marriage ends. These often include:
- Property
- Bank accounts and savings
- Pensions
- Business interests
- Shares
- Assets abroad
- Liabilities (debts, mortgage)
- Child maintenance
Expert Guidance and Representation
With 30 years of experience in family law, our Financial Settlement Solicitors are dedicated to ensuring you achieve the best possible outcome. We offer personalized service throughout the procedure and keep you informed at every stage.
Settling Matrimonial Finances
Settling finances involves more than just dividing assets. Section 25 of the Matrimonial Causes Act 1973 provides guidelines on how courts will decide on dividing assets and liabilities. The outcome depends on various factors, typically including:
- The income, assets, and other wealth each party has or may have in the future.
- Financial needs, obligations, and responsibilities each party has or may have in the future.
- The quality of life enjoyed during the marriage.
- The age of each party and the length of the marriage.
- Any disabilities of either party.
- Contributions to family life and finances by each party.
- Exceptional bad behavior by either party.
Expert Guidance on Financial Settlements During Divorce
Financial settlements often arise during divorce proceedings. These settlements resolve the division of assets following a relationship breakdown. When both parties agree, financial settlements can be resolved efficiently and cost-effectively.
Understanding Financial Settlements
Financial settlements address the distribution of assets after a divorce. The primary goal is to meet the reasonable needs of both parties, with a particular focus on housing needs, especially for any children involved.
Simple and Complex Cases
- Simple Cases: Often involve straightforward asset division with a focus on meeting reasonable needs, particularly housing for both parties and their children.
- Complex Cases: Can involve offshore accounts, disputed asset values, shared business ventures, and pensions. These cases may require expert financial investigators to provide an impartial analysis.
Reaching a Settlement
Considering your personal circumstances, we establish your stance and the likely outcome. You may not need to go to court to reach a settlement agreement. Mediation with your spouse can be an effective way to come to an agreement, and we will advise if mediation is appropriate. Our Financial Settlement Solicitors are skilled negotiators and often achieve favorable settlements through discussions with your spouse’s solicitor.
Alternatively, you and your spouse can reach an agreement independently. However, it’s crucial to ensure your Consent Order protects your future interests, as without it, your spouse may still claim your finances.
Expert Legal Support
Our experienced solicitors will guide you through these challenging and sometimes emotionally frustrating proceedings to arrive at a suitable arrangement. We ensure that your financial settlement is fair and meets the necessary legal standards.
Contact Us
For professional, trusted, and reliable legal advice on financial settlements during divorce, contact our expert team. We are here to support you every step of the way to ensure an equitable division of assets.
Frequently Asked Questions
What is a fair settlement?
The court aims to divide matrimonial assets and liabilities fairly, which doesn’t always mean equally. Judges start with a 50/50 split and adjust based on factors like income differences, the primary caregiver of children, the impact of family formation on career and earnings, and the length of the marriage.
How can my ex-partner claim my finances in the future?
Without a Clean Break Order, financial obligations continue indefinitely, allowing the other party to pursue your finances even after a Decree Absolute or Final Divorce Order. A Clean Break Order is essential, especially if you expect future assets like inheritance or starting a new business. Discuss this with our experts to ensure your interests are protected.
What is mediation?
Mediation is a cost-effective solution for settling matrimonial finances without court involvement. It provides a peaceful environment with a mediator to help you negotiate a settlement. Courts expect mediation to be attempted before proceedings. However, mediation is not suitable for everyone. Our Family Solicitors can advise whether mediation is appropriate, especially if there has been domestic abuse during the marriage.
