Help with Financial Settlements and Agreements
Going through a divorce can be a difficult and challenging time and, for many, finances can become a sticking point.
This can become complex when property, pensions, savings, investments, and dependent children are involved. When beginning divorce proceedings, it’s vital that you fully understand what you may be entitled to and that you seek the proper legal advice on any marital assets from the outset.
In England and Wales, getting a divorce doesn’t end any financial relationship that you may have with your spouse. As a result, it is important to reach a financial settlement as close to the date of your Conditional Order (previously Decree Nisi) as possible. Jarmans Solicitors always recommend that you attempt to reach an amicable solution with your spouse rather than entering into lengthy Court proceedings.
When should you get a financial settlement?
You can reach a financial settlement at any time during your divorce proceedings, including after you have legally ended your marriage. However, we advise that you should try to have a settlement in place by the time the court awards your Conditional Order (previously Decree Nisi).
You should definitely ensure that you have a financial settlement in place before getting remarried or beginning any other financial relationships.
How long will it take to reach a settlement?
If you begin the process of reaching a settlement at the same time that you begin your divorce proceedings it should take around the same length of time. On average it can take about six to eight months to finalise a divorce however, holding up settlement paperwork can delay the whole process.
How will our assets be split?
Like every relationship, every divorce is different and the judge will have the final decision on how your assets are divided.
There are a number of factors that may affect any division. These include but are not limited to:
- How long you have been married,
- Whether you are able to earn and how much can you earn,
- If you were the breadwinner,
- Your standard of living,
- The amount of property and investments you have; and
- Any dependent children
For many the fairest way to split any assets is 50/50, but the court will always strive to work out the fairest and most sensible division.
It’s worth remembering that the grounds for divorce shouldn’t have any bearing on any division of assets or financial settlement. While there may be a chance that either you or your husband/wife may be angry or hurt during the divorce process, conduct in and out of marriage are not factors to be considered in relation to the proper division of assets.
Our family law department are available to advise on divorce and financial cases and our initial consultation is on a fixed fee basis. If you would like to meet us to discuss your options, please contact us.
We offer legal advice for all your Financial Settlements and Agreements. If you would like to contact us or book a consultation with a member of our team please fill in the ‘Make an Enquiry’ form or call us on 01795 472291 or email email@example.com
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