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Financial Settlements and Finances

It is important that you understand the options available to you when reaching a financial settlement or agreement, and as with everything, seeking advice as early as possible is vital to protect your position.

Typically, the main assets built up during a marriage will be:

the value of the family home,
pensions
savings
investments
any family business/es.

Our Family Law team have extensive experience in dealing with a variety of financial settlements, including:

high-value cases
family businesses
agricultural property and land.

In these examples, forensic accountants and tax experts may be required to assist in the valuations and/or to understand company accounts.

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Property and financial issues can often be dealt with at the same time as divorce proceedings. Please be aware that they have to be dealt with separately from the divorce and the final order does not dismiss the financial claims the parties have against each other.

The aim of the Court is to achieve fairness between the parties. The starting part for this is an equal division of the assets. This is, however, only a starting point and can be departed from depending on the circumstances of the case.

We will, of course, keep you appraised of the factors that will be taken into account when reaching a settlement.

To talk through any issues or concerns you have concerning your finances, just phone our Family Law team via 01535 662644 to arrange a telephone or face to face appointment.

A Financial Consent Order is a finanacial settlement or agreement between you and your spouse designed to sort out any financial issues and fairly separate the assets when the marriage is over.

There are several ways to reach an agreement, from an agreement between the couples being drafted by a lawyer into a legally binding arrangement to a series of court hearings.

The assets can include:

Money including bank accounts and investments.
Property.
Household contents.
Vehicles.
Pensions.
Businesses.
Liabilities.

If you wish to discuss this with a member of our Family Law Team please call 01535 662644 to arrange a telephone or face to face appointment.

How long do Financial Settlement cases take

The duration can vary significantly depending on a number of factors including the complexity of the case and how quickly an agreement can be reached. Cases where couples agree on financial matters can be finalised within a few months, whereas highly contested cases may result in court proceedings and consequently longer time-frame.

Do I need a Financial Settlement?

Whilst you can officially divorce without one, not having a legally binding settlement can leave you vulnerable in the future. A consent order breaks all financial ties and allows both parties to move on with their lives.

What is a Financial Settlement?

A financial settlement is an agreement that a divorcing couple come to regarding the division of their finances. It is a separate event to the process of getting divorced. The settlement itself should include various elements, including property, debts, assets, pensions, spousal maintenance.

A financial settlement can either come about through agreements between the parties, or be ordered by a court.

What is the process of reaching a financial settlement>

The first step is to understand what assets are in the matrimonial pot. This is done through both parties providing full and frank disclosure of their assets through filling out a document called a form E.

There are multiple pathways for reaching a settlement, the one you choose depends on how readily you and your ex-spouse can reach an agreement. For example, you may be able to reach an agreement after a small period of negotiation, or if your divorce is more acrimonious, court intervention may be required.

What is a clean break?

A clean break refers to a clean break order. This comply servers all financial ties between the parties, meaning there is no spousal or child maintenance in the consent order.