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Family Law

Divorce Financial Settlement Solicitors

If you or your spouse own assets such as property or have financial savings or business interests you will need to come to agreement on what to do with them upon divorcing. Our financial settlement solicitors will ensure you receive everything you are entitled to and get the best settlement possible with the minimum of fuss.

What is a financial settlement?

A financial settlement is an agreement on how assets accrued over the course of a relationship should be separated following the end of the relationship.

Most commonly known of as part of the divorce process, a financial settlement will need to be agreed-upon following the termination of any long-term relationship where significant assets have been accrued or children need to be taken care of.

Often an extremely stressful time, the right solicitor can help you reach agreement with your partner through collaboration and mediation, rather than arguments and stress.

What is included in a financial settlement?

The complexity of a financial settlement depends on the assets you have accrued and the presence of any children. When deciding upon a fair settlement, the following will need to be taken into account:

  • Rights to property
  • Savings
  • Shareholdings
  • Pensions
  • Any assets held internationally
  • Debts held
  • Custody of children and associated expenses

It is vital to have a complete picture of all these aspects before a settlement can be agreed on to ensure the agreement is both fair and legal. Because of this, hiring a thorough solicitor who is knowledgeable about the settlement process is vital. Missing something could cause serious problems long-term and potentially leave you out of pocket.

How are settlements decided?

Following thorough investigation bringing together a complete picture of the finances of both parties, negotiations will commence and final terms will need to be agreed-upon. A range of factors are taken into account during these discussions, including:

  • The balance of assets between you and your partner
  • You and your partner’s current and future needs
  • The current earnings and future earning potential of you and your partner
  • Any expected financial changes in the near future
  • The needs of your children and their ages
  • The age and health of you and your partner
  • How long you have been in a relationship, including time spent living together before marriage

Many people are concerned about the possibility of going to court to reach a settlement. Although this is a possibility, we understand that it should be a last resort and focus all our efforts on coming to an agreement with court being required.

Our family law team includes expert negotiators and mediators who work together to minimise the risk of going to court and you having to deal with the increased stress and cost this brings.

What happens if I go to court?

Forcing a court hearing to finalise your financial settlement will be a lengthy process. You are first required to apply for a hearing and wait for the court’s availability, completing a large number of forms detailing your financial situation in the process.

Before a hearing you will then be required to show you have made an effort to reach agreement before taking this step, with a Financial Dispute Resolution Hearing (FDR) being required before the any court hearing takes place. The FDR is designed to encourage all parties to speak freely before court in attempt to come to an agreement.

If agreement can’t be found and the case is required to go through a Judge, you will be putting your settlement in their hands. The Judge will listen to evidence from both sides before making a final decision on how your finances should be settled.

Overall, this process takes from 9-18 months on average, making coming to an agreement without requiring court a much more preferable arrangement.

How we can help

Our specialist solicitors have been helping people receive financial settlements for many years. We know that know two cases are the same and exactly what to take into account when looking to come to an agreement.

We work alongside many industry experts including valuers, surveyor and actuaries, ensuring we have a complete financial picture and nothing is taken to chance.

As experts in mediation and dispute resolution, we know how to avoid lengthy, costly court battles in even the most contentious of cases. Allowing you to finalise your settlement and move forward with your life as quickly as possible.

Contact us

To arrange a free consultation with one of our financial settlement solicitors, call us on 0161 979 0793 or fill in the contact form below to request a call from a member of our team

 

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