Divorce Financial Settlements Wrexham
A divorce financial settlement is a legally binding agreement that sets out how your assets and wealth should be divided upon divorce. Divorce financial settlement Wrexham specialists, Freeman Jones Solicitors serve the local community, helping you through an incredibly stressful period of your life.
The circumstances of each divorce can be very different, and it is important to remember this when speaking to other people who have been through a divorce. The facts of each case will always be very different and the law in this area is flexible.
You may be able to negotiate an agreement among yourselves, without lawyers and our divorce financial settlement solicitors in Wrexham could then draft this agreement up for you. However, if there are significant assets involved, it is worth taking legal advice from our divorce lawyers in Wrexham to make sure that your interests are being protected.
Our Wrexham divorce financial settlement solicitors can advise on whether your proposed agreement is fair. Your divorce lawyer can also advise you on the best way of structuring an agreement, for example, trading off property, assets, pension rights, maintenance and so on.
When attempting to reach a divorce financial settlement, there are a series of factors that are considered. Our divorce lawyers in Wrexham would consider all of these factors when determining what is a fair and reasonable settlement. These factors are also taken into account by the court when considering what divorce financial settlement should be made if court proceedings proved necessary.
Under s25 of the Matrimonial Causes Act 1973 it is made clear that the first consideration of any divorce financial settlement 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 include looking after your home or caring for your family
Upon considering these factors our divorce lawyers in Wrexham could advise on what a fair settlement would like look.
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. Parties should note a clean break provision only relates to spouses and civil partners and is not to child maintenance.
Payment of a sum of money by one party to the other.
A regular sum of money which is paid by one party to the other for a specific period of time. If appropriate, secured periodical payment orders can also be made to provide security for the payments.
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.
This where a percentage of one parties’ pension is transferred to the other party.
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