Divorce Financial Remedies

Divorce financial remedies take form within an application made during ongoing matrimonial proceedings.

If you have not yet commenced divorce proceedings or currently going through one you should avoid your decree absolute being granted to protect your position on certain financial claims.

On the other hand you can still make an application for a divorce financial remedy after a divorce if your financial settlement was not concluded.

Our team of family law solicitors can look to guide you through the process and advise you on a range of divorce financial remedies available to you depending your circumstances.

Sorting divorce financial remedies

When assessing divorce financial remedies, consideration is given to the following:

  • Welfare of any minor children: ages, needs, including any special one of dependent children as well as educational and financial needs of the children
  • Age of each party and length of the marriage: the length of the marriage will also be taken into account when sorting out divorce financial remedies. A long marriage, over 5 years, would usually resolve in a higher financial settlement.
  • Income, earning capacity, assets and financial resources
  • Financial needs, obligations and responsibilities: consideration future financial support until a level of independence can be attained.
  • Standard of living: feasibility of maintain the same standard of living, if finances permit.
  • Contributions (financial and non-financial)
  • Loss of certain rights (such as pensions)
  • Health of each party: affects on the future capability of earning.

Overriding factor to the above consideration will be the financial circumstances of both parties which can be properly assessed and explored through legal representation.

Our divorce financial remedy solicitors are well trained to collate the necessary information, for you, and provide you with the appropriate the advice to proceed forward.

How does a prenuptial agreement affect a divorce financial remedy claim

Prenuptial agreements are not necessary a disbar to bringing a financial claim although caution should be taken in carefully assessing the prenuptial agreement before any steps are taken.

If you entered into a prenuptial agreement then our team can assess the strength or weakness of the agreement depending on which party we are acting for.

Can I resolve a claim for divorce financial remedies via mediation

Absolutely, we would encourage mediation at the first instance if this is an option and would arrange for you to attend mediation in hope of reaching an agreement to return back to us to have the agreement formalised.

It is important to note that mediation offers independent advice and can help you agree how you will divide your assets although any agreements are not legally binding unless you instruct a solicitor to draft a finalise the agreement.

How are disputed divorce financial remedies resolved

Our family lawyers can look to resolve areas of contention on your behalf through our expertise and experience.

What type of divorce financial remedies can I expect

Our team can look to obtain you one of the following, depending on your circumstances:

  • Lump sum payment
  • Property adjustment order so the property is transferred to you
  • Maintenance payments including both spousal maintenance and child
  • Proportion of spousal’s pension

Are there any tax consequences when dealing with the transfer of assets

We are unable to provide tax advice but would refer to you our network of accountants who could provide you with the appropriate advice required.

You may need to obtain financial tax advice once we have recovered a settlement for you about any applicable taxes due such as capital gains. Couples transferring assets between each other are usually exempt from capital gains tax but this exemption will not apply if you are divorced.

An accountant or tax advisor will be able to work out your capital gain or loss once you have provided them with date(s) of the following, if applicable to you:

  • Decree absolute
  • Contract showing when assets were transferred
  • Court order, if applicable

How long will it take to sort out divorce financial remedies?

How long it takes to reach a settlement will depend on the circumstances. Complex matters, particularly where a high net worth divorce is concerned, that involve disputes will generally take longer than straightforward matters.

For more complex cases negotiations can take longer depending on what is involved.

  • There may be business interests to consider
  • Off shore investments may be involved
  • Dispute over child and or spousal maintenance
  • Dispute over pension

Arrange a confidential consultation with our family lawyers explore securing the best suited divorce financial remedies for you

Our strong team of family lawyers are skilled to assess and evaluate your case before providing you with technically sound advice on how to proceed.

If you’d like to arrange a confidential consultation, you can contact us on 0330 053 7117 or let us call you back  at a time that suit’s you.

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