Finance on Divorce & Separation
Following a divorce, there can often be financial issues which need to be resolved to secure your future financial stability and that of any children.
Some individuals are able to reach agreement between themselves which they just wish to be formalised, this can be done by submitting a consent order to the Court. Other individuals are able to reach an agreement with assistance from solicitors or by attending mediation. Another alternative method is Arbitration. Parties elect an arbitrator who will make the final decision regarding the outcome of the issues in dispute. However, in some circumstances where individuals are unable to reach agreement, it may be necessary to issue Court proceedings so that a Court can decide on what it believes is a fair financial settlement.
Whether you want to have a discussion about the legal ramifications of a financial settlement, want to try and negotiate a financial settlement, or start Court proceedings, we are able to help you. We can guide you through the process, provide you with tailored legal advice, prepare the necessary documents and negotiate a settlement.
The starting point for the court is equal division of capital assets. The court then applies factors set out under statute to determine whether it is right to depart from equality. The court will have regard to all the circumstances of the case, with first consideration being given to the welfare of any child of the family who has not reached the age of 18. The factors are not set out in any particular order, though the court will want to try and ensure that the needs of both parties are met. The factors can be found within Section 25 of the Matrimonial Causes Act 1973.
We can advise you on how these factors apply to your situation and the extent that they should impact upon your financial settlement.
Our guide offers further information. Alternatively, contact one of our solicitors. Our solicitors can meet you virtually or at any of our offices to talk about your situation. Contact us today to arrange an appointment.