When faced with divorce, you have to make difficult decisions about the division of your assets.
Your decision to divorce may have lasting implications for you and your children. At Specters we will provide you with advice and guidance tailored to you and your best interests.
A financial settlement will set out how you and your former partner divide your assets.
A financial settlement can cover the following:
- Property in the UK and abroad
- Savings
- Businesses
- Pensions
- Debts
The aim of a financial settlement is to reach an agreement which would be considered fair. For any agreement to be legally binding, it first needs to be drafted into a court order (also known as a consent order), and its terms must be approved by the court. This protects you and your family and ensures that no further financial claims can be made. It is therefore helpful to have guidance from expert solicitors who will be able to advise you on what a court will deem fair.
In assessing what is fair, the courts will consider all the aspects of your marriage and the assets that exist within it.
The court will take into consideration various factors before reaching a financial settlement, including:
- Your needs and those of your children
- Income, earning capacity, property and other financial resources of each party
- Financial needs and obligations of each party
- Standard of living enjoyed by the family prior to the breakdown of the marriage
- The age of each party
- The length of your marriage
- Your relative contributions
- Physical or mental disabilities
- Your conduct in proceedings
Within the jurisdiction of England and Wales, there is no unified code for division of assets, and as such, each case will be judged on its own facts. Our divorce solicitors will explain to you the elements that are relevant to you. Every marriage is different, and not all of the above factors will apply to your case.
Sometimes, it is not always possible to reach an amicable agreement with your partner, and if this is the case, a judge will have to decide on how your assets will be divided. For most divorces, an amicable agreement can be worked out without court hearings.
Our experienced team of solicitors will discuss all the details with you and advise you on a suitable strategy tailored to your situation.
If you are considering a financial settlement, our specialist family solicitors can help you. We offer competitive rates to deal with your matter. You may be eligible for our free initial 30 minute consultation as well as a second 30 minutes for £50.
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