Divorce Financial Settlement
A divorce financial settlement is an arrangement under which a couple’s assets and financial affairs are separated upon divorce. In England and Wales, the act of divorce itself doesn’t put an end to the financial relationship between you and your partner.
The property and money issues (divorce financial settlement) in a divorce matter can either be settled with mutual agreement in the form of a consent order approved by the divorce court or through an application for divorce financial settlement order made by a divorce court.
Obtaining a financial settlement when you are divorcing your spouse is important because outstanding financial claims may come back to disrupt your lives even years after your divorce has been finalised. This is because in England and Wales, even when you’re divorced, you may still retain the ability to make financial claims against your ex and vice versa, and there’s generally no fixed time limit for making these, although certain restrictions may apply, particularly where financial claims have already been dismissed by a court order or a party has remarried.
This is why it’s crucial to put your financial affairs in order and have a binding court order stating what your financial arrangements with your ex-husband or wife are.
What Is Divorce Financial Settlement?
A divorce financial settlement is an arrangement under which a couple’s assets and financial affairs are separated upon divorce. “Financial remedy”, previously known as “ancillary relief”, is the term used by divorce lawyers to describe orders of a financial or property nature or that relate to pensions that a divorce Court can make in connection with divorce, judicial separation, dissolution of civil partnership, or nullity proceedings.
When Can I Apply For Divorce Financial Settlement?
After the family court has issued Decree Nisi and after both parties have exhausted the mediation process (where applicable), an application for divorce financial settlement can be made to the court.
You can normally get a financial settlement any time during the divorce proceedings. However, you can apply for financial settlement even after the divorce has been finalised. It’s advisable to apply for financial settlement before your partner or you have remarried.
How Are Assets Split In Divorce Financial Settlement?
Where the parties cannot reach an agreement, the judge has the final decision on how their assets will be split. The key factors which will be considered in an assessment of how any capital should be divided, as well as whether income should be shared, are as follows:
- Children – their financial needs as well as other factors that may affect their future wellbeing;
- The financial needs of you and your spouse;
- The length of the marriage and your respective ages;
- The current earnings of each party and the potential earning capacity of each party now and in the future;
- Health issues affecting either you, your spouse or any children;
- The assets of each party including pensions;
- The standard of living you have had during the marriage;
- The financial and non-financial contributions (such as caring for children and running the house) that each of you has made to the marriage;
- It is only in very exceptional circumstances that the conduct of you and/or your spouse is relevant when dealing with financial matters.
Specialist Divorce Lawyers
As specialist divorce lawyers in London, we can help you get a divorce on fixed fee basis. Our highly experienced divorce solicitors will:
- assess your personal circumstances and check if you can get a divorce.
- advise you on steps you have to take before you file for a divorce and guide you on how to apply for divorce.
As one of the best divorce lawyers in London, our divorce solicitors have wealth of knowledge and extensive experience of dealing with divorce matters.
Thinking of getting a divorce in England & Wales? Get divorce advice and representations from our fixed fee divorce lawyers in London. Our team of fixed fee divorce laywers will provide you fast, friendly, reliable and fixed fee legal services for your divorce and financial settlement matters. Ask a question to our expert divorce lawyers for free divorce advice or schedule an appointment with one of our divorce lawyers for detailed divorce advice service.
Our team of divorce financial settlement solicitors are specialists in providing high quality legal services for divorce financial settlement matters. Our experienced financial settlement solicitors have wealth of knowledge and experience of successfully handling divorce financial settlement matters.
