Divorce Financial Settlement
A marriage breakdown, divorce and separation can have major implications for your financial situation as your assets will need to be divided. Your current income and assets now have to be shared between two households and this can feel quite daunting as the law in this area is complex and often highly discretionary.
A financial settlement is a way of sharing those assets. It must be noted that the divorce itself does not conclude financial matters, so the right to claim financial provision against your spouse does not end on divorce either, so we would always advise that a financial order is obtained.
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 from your spouse in the future.
Our experienced divorce and family law solicitors will ensure you receive the best legal advice no matter how complicated your case may be. Family Law Solicitor Lucinda McWatt is an accredited Resolution specialist in Complex Financial Provision on Divorce and Dissolution of Civil Partnerships.
Financial Settlement Process
The starting point of the financial settlement process is that there must be full and honest financial disclosure of documentation by both parties. Only by this exchange of financial disclosure can we advise you fully in respect of your financial claims. We would then negotiate the best possible settlement for you.
Once agreement is reached a financial consent order is needed from the court to make it legally binding – the court order recording your financial settlement and dismissing future claims is one of the most important legal documents you will ever sign and so it’s important to get professional advice.
Sometimes after discussion and mediation is exhausted in some disputed cases a financial settlement cannot be reached. We can advise and support you through the complex contested Court process and continue to advise you in trying to reach a compromise with your spouse.
Financial Settlement after Divorce
When divorce proceedings are issued, and even after they have concluded, the Court has powers to make the following Orders:-
- Spousal Maintenance
- Orders for the sale or transfer of property
- Orders for lump sum payments
- Orders in respect of other capital assets such as shares and endowment policies
- Pension sharing order
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 against future financial claims from a spouse, you need to get the best legal advice possible and a clean break order.
Working alongside our Divorce and Family Law Solicitors we also have in-house financial advisers on hand who can advise you on pensions and the impact of any financial settlement.
Pension Sharing on Divorce
When dividing the matrimonial assets the Court will give consideration to whether or not the party’s pension plans are equal and if they should be shared or offset against other matrimonial assets. This can be a complex area of a financial settlement which our specialist Financial Solicitors and Financial Advisers can assist you with.
If you or your spouse own a business or you work together in the family business you may require specialist legal advice from our Commercial Law and Employment Law solicitors. Our Family Law solicitors will work closely with them to assist in your financial settlement.
Contact our Divorce and Financial Solicitors
Call us on 0161 785 3500 today for a free initial consultation about how we can help you obtain the right financial settlement. Email the financial solicitors email@example.com or use our online enquiry form and we’ll call you back.