Financial Matters

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Financial Matters upon Divorce

When you decide separation is the way forward, the Divorce is one aspect of the separation process. It is important that a legally binding financial settlement is reached before making an application for a final order for your divorce.   This is to ensure that there is financial security for your future following the divorce. 

A financial settlement sets out how the division of all your wealth and assets will take place between you and your partner when your marriage ends.   Whilst each matter is different, turning to it's  individual circumstances, this can include, but is not limited to:

• Determination of your share in the Former Matrimonial Home
• Your rights in respect of all other property such as investment property 
• Property held outside of the United Kingdom 
• Other  International assets 
• Pensions      
• Shares      
• Business rights 
• Savings
• Any other assets
• Liabilities for debts 
• Maintenance payments for you and any children of the marriage

Financial settlements turn to the personal circumstances of each party and therefore no one approach or size fits all. At FDA Solicitors, we undertake a thorough review of your finances and lifestyle to ensure you get the optimum outcome possible. 

The process usually starts with the voluntary exchange of financial disclosure. This is exchanged simultaneously between the you and your partner on an agreed date. 

There are various factors that are taken into consideration prior to entering into a financial settlement. These include, but are not limited to: 

• The  length of your marriage – including any time spent living together before  you married
• You and your partner’s assets and finances
• You and your partner’s current and future needs
• Each of your earnings and earning capacity
• Whether there is any foreseeable change in your or your partner’s finances
• Whether  you have children, and if so, their ages and needs
• The ages of you and your partner
• Both parties’ health, and whether this will affect your future abilities to      earn.

At FDA Solicitors, we believe in providing clear and cost-effective advice and representation. We believe that going to court should be a last resort as it is much more cost effective to reach a financial settlement out of court. A financial settlement can be reached by consent via careful and detailed negotiations with your partner.

If you are unable to reach an agreement, then there is a requirement to consider mediation or some other form of Non-Court Dispute Resolution (NCDR) before issuing proceedings. This is known as financial remedy proceedings. 

Once financial remedy proceedings are issued, a strict timetable is then set progress the case towards reaching a financial settlement by consent with the assistance of the Court, which includes measures taken against a spouse who is obstructive and fails to co-operate. 

The vast majority of cases reach an overall financial settlement by consent but if this is not possible then the Court will impose a settlement upon the parties which may result in an outcome least favourable to either party. We therefore strongly encourage a settlement by consent. 

At FDA Solicitors, we offer our clients pragmatic, cost effective and a constructive solution very early on that is tailored to their specific needs and circumstances. 

We provide you with support, focus and clarification during what we understand is an uncertain time to ensure any financial resolution reached is appropriate and fair to your circumstances.  

Contact us today for a FREE no-obligation 15 minutes telephone call on 020 7870 4868 or email us on info@fdasolicitors.co.uk with your request for a call back.