Financial settlements in divorce

Financial settlements in divorce

The breakdown of a marriage or civil partnership is never easy, and it’s only natural that your emotions may be running high during the divorce or dissolution of civil partnership process. However, if you and your partner have decided to part ways, one of the main things that you’ll need to consider is how to divide any assets you have. If you have children together then this issue is even more of a concern.

The assets that you’ll need to divide include:

  • Money, Savings, Pensions, Household contents, Cars, Life Insurance Policies, Property and Investments

Your options

When it comes to dividing up your assets after a divorce or dissolution of a civil partnership, there are various options available to you such as attempting to resolve matters amicably either through a mediator or through Solicitors.

We encourage the amicable resolution of finances following divorce or dissolution of a civil partnership where possible.

Mediation involves you both meeting a trained Mediator who will assist you both with a view to resolving matters amicably. It is usually a good idea for you to obtain independent legal advice regarding any potential negotiations taking place in mediation.

In any event, should you reach an agreement through mediation, you will need to instruct a Solicitor to draft a legally binding Consent Order to set out the agreement reached. The Consent Order will need to be signed by you and your former partner and lodged at court along with a Statement of Information. Your Solicitor can guide you through this process.

Alternatively, you and your former partner can each instruct Solicitors who will then advise you independently and help negotiate a financial settlement following both of you providing financial disclosure. If an agreement is reached, we will draft a legally binding Consent Order which will need to be signed by you and your former partner and lodged at court along with a Statement of Information.

In the event that Mediation or Solicitor negotiation is unsuitable or unsuccessful, you have the option of issuing court proceedings for a financial remedy. The court will set out a timetable for you both to provide financial disclosure amongst other court directions. You will also have the opportunity through the court process to negotiate an amicable agreement. However, where this is not possible or successful, ultimately, the matter will proceed to a final hearing and the court will make a final Order about how your finances are to be distributed.

The court’s decision will be based on a number of factors including the length of your marriage or civil partnership, your respective financial needs, income, earning capacity, age, standard of living, your contributions to the welfare of the family amongst other factors.  Whichever option you choose, we provide a cost effective and transparent service.

Submit your enquiry today

We will support you through the process, and work to ensure that you receive a financial settlement which is fair in your circumstances.

Your initial half-hour consultation is only £60 plus VAT.

Find the answers you have been looking for, today; contact Tayo Taylor for a chat about your situation and more information about how we can help.

Financial Settlements in Divorce FAQs

Financial settlements in a divorce are affected by a number of factors including the division of assets and liabilities such as investments, pensions, debts and the length of the marriage which will all play a role in the settlement. Additionally, prenuptial agreements can be made before the marriage which will may significantly impact the financial settlement in a divorce.

Financial settlements in a divorce are typically determined by negotiation between the divorcing couple and their Solicitors. In some cases, the couple may be able to reach an agreement on their own, while in others they may need to seek the assistance of a mediator or arbitrator. The final settlement must be fair and reasonable, taking into account the couple’s financial situation and the needs of any children involved.

When determining a financial settlement in a divorce, a number of factors are considered, including the couple’s income, assets, debts, and financial needs. The court will also take into account the length of the marriage, the couple’s standard of living during the marriage, and the contributions each spouse made to the marriage (such as through child-rearing or career-building).

The court may also consider other factors, such as the ability of each spouse to earn an income in the future.

Typically a financial divorce settlement will take 9-12 months. The parties will need this time to negotiate the terms of the financial settlement. Furthermore, if both parties cannot agree on the division of marital assets then the process may take longer to resolve.
Financial divorce settlements can be solved among the couple themselves but advice from a solicitor is the best option. In many settlements assets are involved and this is definitely where you will want a solicitor to make sure you understand your rights and that your best interests are represented.
Typically the applicant is the one who has to pay the court fees. However, many couples split the fee between them: including filing fees and legal costs associated with a divorce. For one of the many family law services we provide, MHHP Law is here to help our clients file their divorce papers.