Finances in Family Law
When a relationship breaks down, the financial aspect is one of the most challenging and important issues to resolve. Whether married, in a civil partnership, or cohabiting, you may have to deal with the division of assets, liabilities, income, and expenses. You may also have to consider the needs of any children or dependents involved.
When facing a divorce, separation, or dissolution of a civil partnership, one of the most critical and complex issues to deal with is the financial aspect.
A formal financial settlement is still needed upon divorce, even if you have maintained separate finances throughout your marriage or civil partnership. Without an agreement, your spouse or partner may pursue financial claims against you in the future. We strongly recommend reaching an agreement and securing a Consent Order, even if you do not share assets like pensions or savings.
Questions to ask yourself include:
- How will you split your assets and debts?
- How will you manage your living expenses?
- How will you ensure a fair and reasonable divorce financial settlement?
- How will you provide for your children?
You will need a binding court order that specifies the details of your agreement with your ex-partner, including arrangements for:
- Money, shares and savings
- Division of debt
- Child and spousal maintenance
We are here to guide you through dividing those assets, ensuring the most favourable outcome. Our family law solicitors, accountants and other business experts have a wealth of experience in financial matters that apply to divorce cases.
They can offer you expertise and in-depth knowledge in:
- Family businesses
- Property portfolios
- International Assets
- Inherited Assets
- Asset deception
Our team of solicitors can guide you through the negotiations and help with any issues you may encounter to ensure you achieve a successful short and long-term agreement.
If you need legal advice or representation on finances in family law, contact us for a free initial consultation.
Frequently Asked Questions (FAQs)
A financial settlement in a divorce divides the financial assets and liabilities accumulated during the marriage between the spouses. This encompasses many elements, including property, money, debts, personal belongings, business interests, pensions, and spousal maintenance payments. The ultimate goal is to reach an agreement reflecting each party’s needs and circumstances, ensuring a fair and equitable distribution of assets and liabilities.
The financial settlement process typically involves open and honest communication between spouses, often facilitated by experienced mediators or solicitors. Axis Solicitors employs a collaborative approach, encouraging open dialogue and fostering a constructive environment where both parties feel heard and respected. Our team of experts meticulously examines the financial landscape of the marriage, considering factors such as earning capacity, contributions to the household, and the needs of any children involved.
The final financial settlement is usually documented in a legal order known as a financial consent order. This legally binding agreement prevents future claims from dividing assets and liabilities, ensuring clarity and finality in the post-divorce economic landscape. In some cases, a clean break order may be achievable, signifying the complete termination of all financial obligations between the spouses following the divorce. However, the feasibility of a clean break order depends on the unique circumstances of each case.
At Axis Solicitors, we recognise the emotional and financial complexities associated with divorce, particularly when navigating the intricate process of financial settlements. We are committed to achieving fair outcomes, safeguarding your financial future and allowing you to move forward confidently.
Contact us today for a free, confidential consultation and discover how our expertise can empower you to navigate the financial aspects of divorce with clarity and peace of mind.
The time it takes to finalise a financial settlement will depend on your circumstances and the approach taken by the other party. If negotiations are voluntary and both parties are committed to an amicable settlement, you may reach a deal within 3-6 months. If a court application is made, there will be encouragement along the way to reach an agreement, but if the court has to make a decision, it could take up to 12 months from the date the application is made.
Here are some factors that can affect the length of time it takes to reach a financial settlement:
- The complexity of your financial situation
- The willingness of both parties to cooperate
- The availability of court dates
What can you do to speed up the process of reaching a financial settlement?
- Gather all of your financial documents together as soon as possible.
- Be open to mediation or arbitration.
- Be prepared to compromise.
- Get legal advice from a qualified solicitor.
Axis Solicitors can help you promptly reach a fair financial settlement. Contact us today for a free consultation.
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