A divorce financial settlement is the final stage after you have been through the divorce process and is the way in which a court will set out the clear terms of the finances of those involved.
Financial needs of both spouses and any children that you may share is something that is often easily overlooked due to the devastating emotional impact of dealing with a separation, but a financial settlement allows both parties to walk away with their own assets, eliminating your chances of being left financially unstable after a divorce.
Financial settlements are complex cases and often require participation from both parties and we are confident that together, we can reach an agreement that is suitable for all of those involved.
Here at 1Solicitors, we carefully consider all assets when preparing to a settlement after divorce to ensure that the financial settlement is agreed by both parties, such as:
● The matrimonial home
● Business interests and trusts
● Investments in property and companies
● Pensions and/or savings
● Future earnings
The payment of child support, lump sums, spousal maintenance, share transfers, pension sharing and transfer of property will be secured by agreement or court order.
If you move out of the family home before the divorce is processed, you will still have the same rights and are able to move back in if you wish to.
Our legal solicitors are able to elaborate on how these factors affect your individual case throughout your consultation meetings, however you should consider what is realistic and fair for both parties when proceeding with your financial settlement for the best chances of success.
Factors such as if any partner has special needs or the level of contribution that each party had before the divorce can also affect the value of your financial settlement but depending on the case, a 50/50 division of the assets you have may be a good starting point.
There is no set formula for dealing with the division of financial assets and income which form part of your financial settlement after divorce. However, our team of solicitors are highly trained to ensure that all financial income and assets, as part of your financial settlement, are carefully quantified before considering your reasonable needs.
A clean break will be considered if there are enough assets to sever ties. Otherwise, regular spousal and child maintenance, until remarriage, an agreed period or even for life, may alternatively be considered to form your financial settlement.
Depending on the case, a 50/50 division of the assets you have may be a starting point.
Emotions involved in a marital break can play a part in reluctance to given financial disclosure or perhaps assets may deliberately be hidden, disposed or even undervalued. This has the potential to result in an unfair settlement; something that we try our very best to avoid for both parties.
Rest assured with the help of our robust legal team and forensic accounts, we can, if necessary, secure a court order to force financial disclosure before carefully analysing the value of income and assets.
Our forensic accountants can provide advice about the likely value of investments, businesses and/or shareholding that fall part of your financial settlement. We can then assist to advise on how such assets might be made available to fund a divorce financial settlement.
At 1 Solicitors, we have a team who specialise in complex or high net-worth cases. Our specialist team aim to resolve all cases, as best as possible, through negotiation, mediation or collaboration to avoid the courtroom; although court litigation maybe necessary in some cases.
When considering a financial settlement, the Courts will give primary consideration to any children of the family in terms of their housing needs during their minority before a comfortable lifestyle, if possible.
While an equal division of wealth is a starting point, it is not always the case with a solid legal team behind you. There are a number of circumstances which can shift the division either way such as inheritance, extra contributions, and accumulations of wealth after separation.
After consideration of the above factors, the Court’s will consider a whole host further factors such as age of parties, earning capacity of parties, duration of marriage, monthly needs of the parties and children, physical or mental disabilities, contributions made by each party to date or to be made in future, conduct of parties within proceedings.