Getting down to the nitty gritty of your finances is for most couples, the most daunting aspect and this is usually the most contentious area. It can be difficult to determine who is entitled to what. We always advise clients to try to come to an agreement between themselves or via mediation but legal advice should always be sought before agreeing to any financial settlement to ensure that the agreement is fair. Financial matters that often need to be agreed upon divorce can include:
- Division of property
- Division of pensions
- Division of assets
- Joint debts
- Financial provision for children
- Maintenance
If an agreement is reached between the parties, then this can be formalised in a document known as a Consent Order which your solicitor will draw up and then submit to the court for approval. This helps to avoid any future financial claims by either party.
Financial Proceedings
If financial matters cannot be agreed, then the court will need to decide upon a settlement that is fair to both parties. The welfare of any children will always be uppermost in the judge’s mind but the following factors will also be considered:
- The current and future earning capacity of either party
- The financial needs of the parties now and in the future
- The standard of living enjoyed by the parties prior to the divorce
- The housing needs of the parties now and in the future
- Any physical or mental disability of either party
- The length of marriage and ages of the parties
- Any financial contributions made by either party
- Any contributions such as caring for the children and looking after the home
It is important to obtain the best possible legal advice before entering into any financial agreement. If you are considering divorce or separation then speak to our family law specialist on 01442 242999 or email us at enquiry@wheldonlaw.co.uk for further information.
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