What is a Divorce Financial Settlement?
A divorce financial settlement is essentially who gets what after a couple separates and involves decisions about how assets should be divided. The separating couple can be married or civil partners.
If you are not married we can also help with financial settlements during separation.
When there is a decision to separate there will be a need to look at how assets should be shared. There is also the consideration of children in the marriage and what is best for them and their needs.
A financial settlement is a legally binding decision and will cover the specifics of your financials and assets. If you and your ex-spouse or civil partner do not reach an agreement they could try to make a financial claim against you in the future.
What our Divorce Financial Settlement Solicitors Can Help With
Our family law team can help you protect:
- Rights to property
- Any international assets
- Liabilities for debts
- Custody of children – along with any maintenance payments, school fees etc.
There are a number of ways our family team can support you through a financial settlement agreement, including:
- Court decision
- Collaborative law
It is often possible to avoid going to court and to reach a settlement as our divorce solicitors are expert negotiators. We also have a qualified collaborative law team. However, if an amicable resolution is not possible, our solicitors will support you through any court appearances and reach a fair settlement for you.
Who Gets What in a Divorce Settlement?
One of the judge’s primary concerns when looking into who gets what in a divorce settlement will be to ensure the needs of each party are met. If you have children, their needs will always be prioritised.
A number of factors will be considered when determining how the assets should be divided. This includes how long the parties have been married or in a civil partnership, whether they lived together before they married and how long for as well as, but not limited to, each party’s:
- Earning Capacity
- Reasonable Living Expenses
- Disability (if applicable)
Divorce Financial Settlements FAQs
How is Financial Settlement Calculated in a Divorce?
The court will look at how parties’ assets can be divided in the fairest way, taking into account each party’s needs and those of the children and considering the factors listed above. The earnings and potential earnings will also be considered.
How Long Does it Take for a Financial Settlement in Divorce?
Typically, a divorce settlement will take between 9 and 12 months. If an application is made to the court this could be longer, depending on when the application is made
How is Property Divided?
There is no straightforward answer to determining what happens to a shared property after divorce. The judge will consider a range of factors, and the most important one is usually each party’s housing need and their ability to meet it and where the children will reside. The economically weaker party might need a larger share of the assets to meet their need. Every case will depend on its individual circumstances.
What Should I Ask for in a Divorce Financial Settlement?
It is essential to obtain specialist legal advice from a lawyer who has experience in dealing with financial settlements on divorce and who can guide you through the process, be it providing advice on an agreement you may have reached directly with your spouse already, or full advice confirming what financial settlement you should be looking to achieve.
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