Divorce Financial Settlements
The financial settlement aspect of any divorce or dissolution of civil partnership is very important because it secures your future. Our financial settlement solicitors have significant expertise in this area and whether your financial situation is simple with very few assets or substantial and complex we have the expertise to help.
Our divorce financial settlement solicitors understand that each case is different and can offer or arrange dispute resolution methods, mediation, skilled negotiation and if necessary representation in court proceedings.
What is a financial settlement
A financial settlement is a legally binding agreement that determines the division of your assets and wealth upon divorce.
Separating couples may be married, civil partners or partners who have lived together.
In deciding what is fair, the family court is guided by a checklist set out in s25 of the Matrimonial Causes Act 1973. The first consideration is the needs of any children. Thereafter the court will consider a range of factors including:
- The income and earning capacity of each party
- Both parties current and future financial needs
- The age of each party
- The length of the marriage including time spent living together before the marriage or civil partnership
- Whether there is any foreseeable change in you or your partner’s finances
- The standard of living enjoyed by the family before the breakdown of the marriage
- Any physical or mental disability or either party
- Both parties’ health, and whether this will affect your future abilities to earn
- Other contributions a party has made to the welfare of the family including looking after your home or caring for your family.
Clean break divorce settlements
A clean break financial settlement must be considered by the court and can often be achieved where there are no ongoing future financial commitments between the parties meaning that they can become financially independent. It should be noted that this only relates to spouses and civil partners and is not relevant to child maintenance and obligations.
Brief examples of orders that can be made by the family court
Lump sum order
Payment of a specific sum of money by one party to the other.
Periodical payments order (known as maintenance)
A regular sum of money payable by one party to the other either for their benefit or for any children. Payment is often weekly or monthly. If appropriate, secured periodical payment orders can also be made to provide security for the payments.
Property adjustment order
Transferring all or part of a property or asset from one party to the other, often the family home but can include rental or holiday homes.
Pension sharing order
There are various ways a court can deal with sharing pensions.
Get in touch
Our financial settlement solicitors will work with you to ensure that you understand the process and will explain everything in straightforward terms so that you are comfortable with the decisions you make. You can rest assured that our family solicitors have the necessary expertise to ensure that you achieve the best financial settlement for you.