How to ensure a Financial Settlement in a Divorce
Whilst family life may have been difficult throughout the pandemic and divorce cases have risen there is light on the horizon with news of the lockdown lifting and a new law coming into force in the autumn where no one spouse is sited as at fault. However eager you are to dissolve the marriage our advice is to pause and consider matrimonial finances before rushing ahead with divorce proceedings.
Having spent many years building a life together buying a home, building assets, pension provisions, having a family together building for the future, there are many things to consider when making a clean break. In the rush to gain that divorce paper finances need to be carefully considered and not overlooked.
With ‘No Fault Divorce' on the horizon and the hope that this will considerably speed up the legal process financial arrangements need to be considered sooner so as to avoid financial pitfalls in the future.
Financial Settlement after Divorce
Marriage breakdown can have major implications for your financial situation and your current income and assets will need to be shared between two households.
This might feel quite daunting and cause significant worry. Perhaps you have worked tirelessly to build your business or you have a pension which you've contributed to for years and may be wondering if these will be threatened? Some of your worries may be about how you will manage your housing costs and the needs of your children on just one income.
The law governing a financial settlement is a law of discretion so family law solicitors cannot predict precisely what settlement people will receive and that’s why is important to ensure you get the best legal advice, no matter how complicated your case may be.
Emma Kendall, Divorce and Family Law Solicitor in Oldham explains, “There are various factors that a judge must consider when determining a fair financial settlement including the length of your marriage, the assets you brought to the marriage, your respective ages, incomes and earning capacities and most importantly your respective needs.”
Couples are already allowed to get divorced before the financial settlement is finalised, with agreements made later by mutual consent or enforced by Court Order if you don’t agree. The problem with this is that couples lose many of the financial privileges of a married couple,“ she adds.
The importance of a Financial Settlement
Our resolution accredited Divorce and Family Law Solicitors will ensure you receive the best legal advice, one of whom specialises in Complex Finance Remedies and Children Law. All our Family Law Solicitors have your best interests at heart right from the start, and will do their best to protect you, your assets and your financial needs.
The divorce itself does not conclude financial matters, so the right to claim financial provision against your spouse does not end. It is vital therefore that you receive the right legal advice to ensure you achieve a clean break and that you are not left vulnerable to a claim for spousal maintenance.
A Court Order recording your financial settlement is probably one of the most important legal documents you will ever sign.
How our Divorce and Family Law Solicitors in Oldham can help
You may be tempted to apply for an online divorce thinking it will be a quick and easy option, however, in order to safeguard your financial situation from future financial claims from a spouse, you need to get the best legal advice.
Working alongside our specialist Divorce and Family Law Solicitors are in-house financial advisers who can advise you on the impact of any financial settlement.Subscribe to our newsletter
Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.