Our Divorce Solicitors will negotiate the financial terms of a settlement and attend the requisite Court Order hearing on your behalf. If an agreement cannot be reached, an application must be lodged by the party requiring settlement.
The Divorce Settlement
Full financial details of both parties including assets, income and liabilities together with any intention to remarry or live with a new partner must be disclosed. The court is obliged to consider age of both parties, length of the marriage, earning power, resources and contribution to family finances, present and future needs, etc. Where neither party is claiming maintenance or capital, a ‘clean break’ settlement is agreed, but any transfer of ownership of property or payable lump sums can only be lodged following the Decree Absolute.
The welfare of any children will always be given primary consideration and maintenance can be ordered for either an indefinite or set period, followed by a ‘clean break’. If the recipient remarries maintenance is terminated but the other party’s finances are only pertinent if their ex-spouse has fewer outgoings as a result.
Assets, Trusts and Inheritance
The court will consider divisible joint assets such as the matrimonial home, business and personal assets, e.g. cars, holiday homes and life assurance, as well as the position of any trusts and inheritance.
Pension sharing orders enable a wife to transfer the investment value out of a husband’s pension scheme into her own. However, a widow’s pension and any death in service benefits are lost, unless death occurs prior to the divorce. Maintenance, capital or a proportionate lump sum for a wife on retirement can be protected in an agreement drawn up by your Solicitor.
It is very important to consult a Divorce Solicitor whilst negotiating a financial settlement as the process can be costly and time-consuming. Our family law team provide expert legal advice that will help secure your future financial position and wellbeing.