Financial Settlements
If you are going through a divorce or separation you will need to come to an agreement about your finances. You can do this with, or without the help of solicitors, although you may wish to take advice on your options and make sure any agreement you reach without the help of a family solicitor is confirmed in writing and, if advised, made into a court order.
Agreeing a divorce settlement without solicitors
If you are divorcing or separating you do not need to appoint solicitors to come to an agreement on the division of the family assets. This is something you can agree between you. It is however very important to consider the following:
- Is the proposed settlement fair?
- Does it take into account the needs of any children and who will be looking after the children?
- Does the settlement take into account all assets held by both parties, including property, pensions, shares, business interests, savings and investments?
- Have you, or should you, obtain proper valuations for significant assets before agreeing the division between you?
Having come to a mutually agreed settlement it is important to have an agreement drawn up to reflect your decision. This is done in the form of a Consent Order which once approved and sealed by the Court is a legally binding document. If it is a
clean break order, this means that no further financial claims can be made by either party.
Why you need a Consent Order
Without a consent order dealing with financial claims, it would be possible for your spouse or ex-spouse to make a claim in the future. So, for example, if you won the lottery or received an inheritance your ex might be able to claim a share.
A Woolley & Co family lawyer can draw up a consent order, often for a fixed fee. Call
0800 321 3832 to
discuss your requirements with a divorce lawyer.
How solicitors can help you achieve a financial settlement
Solicitors can help in a number of ways – by advising on the approach to take and the considerations the court would take into account if they were asked to get involved; by negotiating with your spouse (normally via their solicitors) or if necessary by preparing your case and presenting it to the Courts for a Judge’s decision on the division of matrimonial assets.
It is essential that you take advice from an experienced divorce and family law solicitor to ensure you achieve a fair financial settlement.
To discuss your divorce settlement with a family lawyer call
0800 321 3832.
What factors should be considered when agreeing a divorce settlement?
When negotiating a divorce settlement at the end of a marriage the following factors need to be taken into account:
- the welfare of any minor children from the marriage
- the value of jointly and individually owned property and other assets and the financial needs, obligation and responsibilities each party has
- any debts or liabilities of the parties
- pension arrangements for each of the parties, including future pension values and any value to each of the parties of any benefit they may lose as a result of the divorce
- the earnings and earning potential of each of the parties
- standard of living enjoyed during the marriage
- the age of the parties and the duration of the marriage
- any physical or mental disability of either of the parties
- contributions that each party may have made to the marriage, either financially or by looking after the house and or caring for the family
For advice on financial settlements in divorce call
0800 321 3832 or
book a telephone appointment with a family law specialist.