Personal Law

The Importance Of Having A Financial Settlement

September 2, 2019

Going through a divorce can be a difficult and challenging time and, for many, finances can be a huge sticking point. When beginning divorce proceedings, it’s vital that you fully understand what you may be entitled to. This can become complex when property, businesses, pensions, savings, investments, and dependent children are involved.

It’s important to remember that 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 that you can then present to the court.

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 Decree Nisi.

You should strongly consider having a settlement in place before getting remarried or beginning any other financial relationships, if for no other reason than you can have a clean and fresh start.

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 five to six months to finalise a divorce however, unresolved matrimonial finances 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 including how long you have been married, whether you are able to earn, if you were the “breadwinner”, your standard of living, the amount of property and investments you have and whether you have dependent children who will live with you.

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, this shouldn’t be used as a reason to try for an unfair settlement.

We offer a free, 15-minute, pre-bookable phone call with one of our experienced family law team. Alternatively, we offer a fixed £99 fee inc VAT  for a 45-minute meeting with one of our highly experienced family team. If you would like some confidential advice about a family legal issue, contact us today to book a meeting. Call 01795 742291 or email enquiries@jarmans-solicitors.co.uk