Financial settlement must be dealt with separately, alongside the divorce or dissolution. If a financial settlement is not put in place, your ex-partner could potentially make a claim against your assets including property, savings, capital, business, pensions or income etc many years after your divorce or dissolution. Even if you had an informal agreement between yourselves your ex-spouse may be able to change their mind about that agreement in the future if it is not properly formalised. The value of your assets would be looked at when the claim is made, rather than at the point of separation, so any assets which have accumulated post separation can be taken into account.
We are able to advise you as to what would be an appropriate settlement in your case and assist you in reaching that outcome. There are various ways of attempting to reach a financial settlement which include:
- Negotiation through solicitors
- Collaborative law
If you do not have any assets to divide between you at the time of your divorce or dissolution it may still be beneficial to put in place an agreement which prevents your partner from making any future financial claims against you. These orders are known as ‘clean break’ orders.
When negotiating a financial settlement both parties are under a duty to disclose the full extent of their financial position. There are various factors to consider such as properties, other capital assets, debts/loans, pensions and incomes.
We understand that formalising a separation is a difficult time and that the task of separating the matrimonial assets can be daunting and can cause emotions to run high. Our family law Solicitors are all members of Resolution which is committed to the constructive resolution of family disputes.
Our family lawyers will give you clear, practical advice on what an appropriate financial settlement would be in your circumstances. Once an agreement is reached we can draft a ‘Consent Order’ to formally set out the agreement in legal terms. This is then signed by you and your ex-partner and sent to the Court for a District Judge to approve.