Financial Settlement
Sorting out financial matters in a divorce can be tough. Our family law team can help and guide you through this process, even if your situation involves complexities like businesses, properties, or pensions.
We believe in clear communication and negotiation. Openly discussing finances often leads to agreements that work for both parties. Our skilled negotiators will help you share your financial details accurately, so you can make informed decisions about your future.
If you and your spouse are willing to collaborate, mediation or collaborative law could be a good option. Our family law team will help facilitate productive discussions, aiming for solutions outside of court that protect your emotions and family relationships.
- Will I need to go to court?
- How is financial settlement calculated?
- Who Decides the Financial Settlement in a Divorce?
- How are assets split in a Divorce?
- What am I entitled to during my divorce settlement?
- How long does it take to get a Financial Settlement?
- Timing your financial settlement in divorce or civil partnership dissolution
- Does length of marriage affect a financial settlement?
Will I need to go to court?
While we encourage alternatives to court, we understand it’s not always avoidable. In such cases, our experienced lawyers will stand up for your rights in court. We’ll work hard to present your case persuasively, aiming for the best outcome for you and your family.
How is financial settlement calculated?
It’s a common misconception that assets are always divided equally. The process is more intricate, and courts consider various factors.
When parties can’t agree, the Family Court steps in. They assess resources, current and potential earnings, skills, age, retraining costs, and work gaps. They ensure a realistic outlook.
Living standards matter too. With two households, costs rise. The court weighs resources against maintaining the pre-breakdown standard of living. It’s not always possible to sustain it.
Who Decides the Financial Settlement in a Divorce?
When couples can’t agree on a financial settlement, a Judge makes the final decision. The court ensures fairness and reasonability. This decision will be made on a case-by-case basis, and only after consideration of a wide variety of influencing factors.
The Court’s decision will describe how assets will be split, and can also include arrangements for maintenance payments, including child maintenance. If the couple cannot agree on a financial settlement, they can ask a court to make a financial order.
How are assets split in a Divorce?
While many expect a 50/50 split, it’s more complex. The court follows guidelines, especially Section 25 of the Matrimonial Causes Act 1973.
Child welfare is key, and their needs come first. Following Section 25, the court considers:
Financial needs, present and future
Current assets
Age and marriage duration
Previous family lifestyle
Health concerns
Contributions to family
Loss of benefits like pensions
This comprehensive assessment helps determine a fair asset division.
What am I entitled to during my divorce settlement?
You and your former spouse can agree on a settlement. If settled, a court order can make it legally binding. But agreements aren’t always simple due to various factors in each case.
Divorce settlements differ; not all are 50/50 splits. Each case is unique. Seeking advice from a family lawyer is wise. They’ll assess your situation and guide you through the complexities.
If agreement is tough, a family law specialist can help navigate circumstances and negotiate on your behalf. Your entitlement is best understood with expert support.
Safeguarding Your Assets in a Divorce Settlement
Honesty is key—avoid hiding assets before divorce. Transparency matters.
If an agreement isn’t easy, our team assists in fair asset division. We also offer advice on protecting assets post-divorce. Your assets are valuable, and we’re here to help you navigate this process.
How long does it take to get a Financial Settlement?
The duration of finalising a divorce and its financial settlement varies based on circumstances.
Amicable Resolution (Around 6 Months): If both spouses agree on divorce terms and finances, the process can be as swift as 6 months. This assumes cooperation and alignment.
Challenges and Expert Help: Complexities can extend the process. Seeking expert advice for negotiation is essential to overcome hurdles and maintain momentum.
Involving the Court (Up to 2 Years): Court intervention due to disputes or intricacies can stretch the timeline beyond 6 months, even up to 2 years.
Mediation and Acceleration: Mediation and professional guidance speed up progress. These avenues facilitate open discussion and bridge gaps..
Timing your financial settlement in divorce or civil partnership dissolution
The timing of a financial settlement in divorce or civil partnership dissolution is crucial for your financial security. You can settle finances before or after the divorce. However, finalising it before divorce ensures certainty.
A consent order is legally binding but only after the Conditional Order stage in divorce, which takes about 20 weeks from filing. You have ample time within the 20-week period to negotiate. Complexities like expert input may extend the process.
For matters like pensions, business valuations, or property assessments, expert evidence is often necessary. Begin the financial settlement process as soon as possible. This proactive approach allows for comprehensive negotiations.
Divorce settlements can have a big impact on you and your family, so choosing the right legal help is important. Hi Solicitors offers caring support, expert advice, and strong representation throughout your divorce settlement journey.
Does length of marriage affect a financial settlement?
The court has a broad discretion to issue a fair financial order based on the circumstances of the case, with the length of the marriage being a significant factor. Longer marriages typically involve greater financial interdependence, while shorter marriages may lead to an expectation of quicker financial independence, with emphasis on pre-marital assets.
However, this may not apply in cases with dependent children. The duration of cohabitation before marriage is also considered in the length of the marriage.
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