Divorce Financial Settlement
Helping you to secure what is rightfully yours.
Divorce financial settlement solicitors
A relationship breakdown can be a difficult and stressful period anyway. You don’t want an unfair financial settlement to add to the stress and anxiety. A fair financial settlement is an important way to ensure you have financial security and help you to live an independent life faster.
At Goughs Solicitors, we are experienced in the nuances of financial settlements, and help our clients to understand what a divorce settlement is, how it is defined, how the assets should split and how long it will take. We also take the time to ensure that our clients have considered all of their options and are fully committed to the divorce.
Have the best divorce lawyers in your corner
The Family Law team here at Goughs Solicitors have a wealth of knowledge and experience in providing tailored advice to each individual client and situation.
We know that, when it comes to divorce, finances aren’t the only issue to consider. We are aware of the importance of reviewing other arrangements, such as property and asset division, wills and child support, and we work alongside our clients to ensure that you understand the different options available to you.
What is a divorce settlement?
A divorce settlement is a legal agreement between a divorcing couple on how to divide their money and assets once the marriage is over. It can also cover other important aspects such as division of pension funds, spousal and child support, child custody and visitation rights.
How are assets split in a divorce settlement?
Every marriage is different, and therefore every divorce settlement is different. While an equal division of assets may be appropriate in some cases, there will not necessarily be a 50/50 split of the assets in every divorce. There are a range of different factors that are taken into account when deciding the terms of the settlement, such as your age; assets; earnings and earning capacity; mortgage capacity; the ages and needs of any children; and the length of your marriage and cohabitation.
There are no set rules for how assets are split in a divorce, however, they are usually guided by the principles of fairness and needs and are governed by the Matrimonial Causes Act 1973.
Going to court isn’t usually necessary when reaching a divorce settlement – you can often agree on an outcome with your partner through collaboration, negotiation, mediation or arbitration. However, even if you and your partner agree on how to divide money and property, you still need the court to approve it in order to make it legally binding.
How are assets split in a divorce settlement?
The court focuses more on the division of matrimonial property, which are assets acquired during the marriage. This usually includes real estate, savings, investments, pensions, and other financial assets.
Assets that are considered non-matrimonial, such as inheritance or anything owned before the marriage, may be treated differently. While the court can still consider these assets, they may not be divided in the same way as matrimonial property.
As we have discussed already, the most important consideration of an asset split is making sure that it is fair. In order to decide what ‘fair’ means, the court will consider the length of the marriage, sometimes, the financial contributions of each person, their respective earning capacities, and their future financial needs.
The court will also place a significant emphasis on the welfare of any children involved, including ensuring that a safe and suitable home is provided and the financial needs of the children are met.
Rights and entitlement
In a divorce, spouses possess the right to financial disclosure. Both parties are required to provide a comprehensive overview of their financial circumstances, including income, pension provision and liabilities. This transparency is essential for ensuring an accurate assessment of the marital estate and to assess whether spousal maintenance ought to be paid from one spouse to the other, and other aspects of divorce settlements.
Child arrangements and the time any child spends with each parent are also important considerations. Parents have the right to seek arrangements that serve the best interests of the child, and the court aims to ensure the child’s well-being when determining child arrangements.
How long does it take to reach a divorce financial settlement?
Getting a divorce usually takes between six to eight months, if both parties are proactive and compliant in signing and providing the necessary documentation, and if the Court system is not facing backlog.
Reaching a financial settlement is a separate matter, however it can, and should, usually be negotiated at the same time as the divorce proceedings. How long a financial settlement takes will vary, depending on your relationship with your partner and the complexity of your finances. If you and your partner are not in agreement – particularly if your spouse is not willing to disclose their finances – it can take a lot longer – 12 to 18 months or more.
Are there any alternatives to divorce?
If you and your partner want to end your marriage or civil partnership, but are unable to or don’t want to commit to a divorce, there are a few different options to consider.
Legal separations
If you are unable to get a divorce, for example if you have been married for less than a year, or you don’t agree with divorce for religious or cultural reasons, you can get a legal separation, otherwise known as a judicial separation.
A legal separation is an arrangement that allows the couple to make decisions about important aspects such as financial assets, without needing to get divorced.
Annulments
Another alternative to a divorce is an annulment. Unlike a divorce, which is the legal termination of a valid marriage, an annulment erases the marriage from a legal standpoint.
Annulments are only granted in specific circumstances where the marriage is deemed to be illegal or invalid, such as if one of you was already married or in a civil partnership; you didn’t properly agree to the marriage – for example if you were threatened over many months or forced into it; or if one of you was underage at the time of marriage.
The Court fee for an annulment is £593. This fee includes the various administrative fees associated with the legal proceedings. The process of annulment takes a few months to complete. During this period, several steps are undertaken to assess the grounds for annulment and ensure that the legal criteria are met.
Speak to a solicitor
We can be contacted via telephone, email or you can visit us.
Call us
With seven offices around the South West of England, we have multiple offices you can call.
Email us
If you would like to drop us an email you can on info@goughs.co.uk
Visit us
With offices in Calne, Chippenham, Corsham, Devizes, Melksham and Trowbridge, you can pop in and see us. View office locations.
Divorce & finance FAQ's
While it’s not compulsory to hire a solicitor, seeking legal advice is advisable. A solicitor can provide guidance on your rights, help negotiate a fair settlement, and ensure that all legal requirements are met.
A fair financial settlement depends on various factors, including the assets and debts involved, each party’s financial contributions, future needs, and the welfare of any children.
The divorce papers are usually filed first, and once the divorce proceedings are initiated, financial settlement discussions can begin.
A couple can reach an agreement through negotiation or mediation. If an agreement can’t be reached, the court may decide on the financial settlement based on the evidence given by both parties.
Court fees are usually paid by the person initiating the court proceedings. However, the court may consider the allocation of costs as part of the final financial settlement.
The length of the marriage is considered in divorce settlements. Longer marriages may affect the division of assets. The length of the marriage is always considered, however there are often other factors which have a larger bearing on the settlement such as the number and ages of any children, and the parties relative needs as assessed by the court. The court aims for a fair outcome based on all of the factors which includes the marriage length.
Courts consider various factors, including the parties’ financial contributions, needs, standard of living, and the welfare of any children.
There is no automatic entitlement to a 50% split. The division of assets depends on several factors, and a decision is made based on individual circumstances.
The no-fault system means that couples are legally able to separate without having to assign blame to either party for the breakdown of their relationship
Yes, it is possible to get a divorce without legally agreeing with any of the finances. However, we highly recommend against this as it can bring around larger issues down the line.
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The team is extremely thorough and client-focused. They are willing to go the extra mile and think outside the box.
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Thank you for all your help, guidance and understanding. You and your team have been outstanding during a very difficult time and managed the case through to a highly satisfactory conclusion.
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I could not have wished for a more professional dedicated team, I am so grateful for all their help and support, I would highly recommend Goughs solicitors to family and friends.
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TH
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