FINANCIAL SETTLEMENTS
Going to court is sometimes part of a family breakdown, a heartbreaking step that has to be taken if you’re not getting things sorted amicably.
Whether it’s about coming to financial decisions concerning provision for your children, as part of your divorce, or separation from an unmarried partner we’ve can help you.
Divorce-Assist can guide you through the process and will help you deal with achieving a financial settlement with an ex-spouse or partner. We’ve got you; always. This includes making sure you know what records you need, what forms you need to fill in and what paperwork to prepare, whether you agree with your ex-spouse or partner not.
If your relationship or civil partnership has broken down, then you may need advice on how the assets should be divided. This can be particularly complicated where there are businesses and/or pensions involved. We can help guide you through the legal jargon and allow you to understand and consider all the options available to you through our dedicated coaching on the topic of financial freedom after divorce
Divorcing couples should be aware that even after the divorce/dissolution has been finalised and the decree absolute/final order has been obtained, it is still possible for financial claims to be made against a former spouse. A clean break order is an order dismissing any future claims either partner may make against the other. A clean break order effectively cuts all financial ties between couples. It is included as a term within a consent order.
The court must consider whether a clean break is possible for a separating couple however there are some circumstances where a clean break order is not appropriate. It is therefore important that you obtain legal advice at an early stage to obtain advice regarding your circumstances about what a reasonable settlement would be in your circumstances including advice on a clean break order.
A financial settlement is essentially who gets what, when a couple separate and involves decisions about how their assets should be divided. The separating couple can be married partners, civil partners or they can be partners who have lived together. When there is a decision to separate inevitably there will be a need to look at how their assets should be shared. What is a reasonable settlement to meet the children’s needs and to enable both to move on into the next stage of their lives?
There are many ways to reach a financial settlement.
There is a misconception that being involved in decisions about money and finances has to be a time of argument and distress. Settlements can be agreed upon by a couple themselves or with advice and help from a solicitor, or by a couple engaging in mediation or a collaborative process. A settlement can be formalised into a legally binding Court order without the need for anyone to set foot inside a Court building.
There are occasions when it is not possible to reach an agreement for many reasons.
When this occurs an application can be made to Court to resolve any area of dispute. Just because an application has been made, does not prevent a couple from reaching an agreement. However, the Court can decide what should happen with the assets and make what is considered to be a reasonable order.
The payment of a regular sum of money by one to the other, usually weekly or monthly, either for their benefit or for the benefit of the children. This is known as a periodical payments order or put more simply maintenance.
Having decided that there is entitlement to maintenance the Court can take steps in advance to ensure the money will be paid. This can be done by a secured periodical payments order.
The payment of a specific sum of money. This is known as a lump sum order. This order can be made by way of compensation for an interest in a property, the house contents, savings and investments.