Divorce Financial Settlement Solicitors

Divorce and finances

Sorting out the finances is often one of the main concerns for separating couples. Thoughts as to what should happen to the family home, how other assets should be divided and whether maintenance should be paid, by one spouse to the other as well as to the children, can be overwhelming.

How Family Law Partners can help with your divorce financial settlement

We aim to adopt a non-adversarial approach to resolving matters and encourage use of Mediation and the Collaborative Law model.
We are issue focussed and will look to achieve practical and cost-effective solutions.
We will consider the options, provide you with guidance and advice and signpost you to relevant third parties, including financial advisors to assist you through the process.
We follow the Resolution Code of Practice and Family Law Protocol.

When might family financial issues arise?

When parties separate having been living together as a couple outside a marriage or Civil Partnership;
On Divorce;
On a Judicial Separation;
On the dissolution of a Civil Partnership;
Where claims need to be made against a parent by or on behalf of a child;
In the event of a partner or spouse’s death and where no reasonable financial provision has been made.

What remedies or options are available?

This will depend on your status and the particular process you are looking to pursue. Early advice is recommended to ensure your position is protected. Whichever process is considered, you will be required to disclose your financial position. Our team of divorce financial settlement solicitors recommend that you start getting your paperwork in date order so it can be reviewed in a cost effective manner prior to detailed advice being given.

As well as advising you on the best way to proceed, we can also help you in drafting all the relevant documents and advise on a strategy and likely outcomes.

We may refer you to an independent financial advisor for an initial consultation to understand your personal circumstances. They will offer independent, expert advice on a range of financial planning issues including pension advice, tax planning, retirement planning and investment management.

If you would like an appointment with one of our divorce and finance specialists in Brighton, London, Horsham, Kent, Essex, North Hampshire & Surrey or South/Mid Hampshire then please contact us on 0330 055 2234.

Answering common questions about divorce and finances

What is a divorce settlement?

A divorce settlement is an arrangement, or decision, that is made regarding finances upon divorce and is often one of the main concerns for separating couples. A divorce settlement can comprise decisions as to what should happen to the family home, how other assets should be divided (including any business interests) and whether spousal maintenance should be paid, by one spouse to the other as well as to any children.

Most separating couples are able to reach agreement regarding the division of assets and finances, either by talking together or with assistance from a third party such as a mediator or within the collaborative practice. However, if an agreement cannot be made then either spouse or Civil Partner can make an application to the court for a Financial Remedy Order.

What am I entitled to in a divorce settlement?

For those cases where an application to the Court is made, each judge will consider the evidence presented in each particular case. This means the outcome of financial court proceedings can be quite difficult to predict and settlements can vary from one separating couple to the next. The court’s first consideration is the welfare of any children involved. Alongside that, when determining an appropriate financial settlement, the following factors will be considered:

Each person’s income, earning capacity, property and other financial resources, available now or in the foreseeable future, including earning capacity

Each person’s financial needs, obligations and responsibilities relevant now or in the foreseeable future

The standard of living enjoyed by the family before the breakdown of the marriage

Each person’s age and the length of the marriage

Any physical or mental disability

Contributions made or likely in the foreseeable future to make to the welfare of the family, including any non-economic contribution

The conduct of each of the parties, if that conduct is such that it would in the opinion of the court be inequitable to disregard it (although it is rare for conduct to be taken into account and the reason for the marriage or civil partnership breakdown is very unlikely to be a conduct issue for the purposes of a financial application), and

The value of each of the parties to the marriage of any benefit which that party will lose the chance of acquiring.

Who gets what in a divorce settlement?

When it comes to divorce financial settlements, the objective of the family court is to achieve an outcome which is ‘fair’ to both parties. With this in mind, there is the common belief that matrimonial assets are simply divided 50:50 when a couple divorce. Instead, what happens in practice is that the court will measure the division of assets against a benchmark 50/50 to assess whether anything other than that is justified. For example, there would not be an equal asset split where one person’s (or the children’s) needs require a higher proportion of the capital assets, e.g. for housing, or if one person came into the marriage with significantly greater assets than the other. As we explain in more detail in this article here, a 50/50 split is therefore quite unusual.

We'll explore the financial impact on you, appropriately and sensitively.

Divorce Financial Settlements