Advice for you
For many separating couples, financial matters are the trickiest part of a divorce to resolve. A divorce financial settlement could be the key to a clean break.
If financial matters cannot be resolved through mutual agreement, either of you can apply to the court for a judge to decide on issues.
Following this, a timetable will be laid out leading to a final hearing when the judge will impose a settlement that they believe is fair.
At Frettens, our divorce solicitors understand that this is likely to be a stressful time for you. We are here to make the process as straightforward as possible so you can start moving on with your life in financial security.
We regularly assist clients with divorce financial settlements, including:
Whether you need some support navigating challenging aspects of your divorce financial settlement, or help resolving a dispute, we are here to assist you. Every divorce and finance case is different, not just in terms of the money and property involved, but in terms of you and your former partner’s communication styles, expectations, and concerns.
We can apply decades of combined experience to find a tailored resolution that works for you. We take a practical yet sympathetic approach, aiming to achieve a positive outcome that allows you to move on independently and with confidence.
Whichever way the financial issues are resolved, a key aspect is financial disclosure. You are both required to provide a full disclosure of your financial circumstances and needs to the other – usually, this information is presented in a document called Form E. This is crucial to ensuring that everyone understands what financial matters need to be considered, and the full extent of any debts, loans, or pensions. We are able to guide you through this difficult process, offering pragmatic and supportive advice at this challenging and stressful time.
A dispute with a former partner over finances and divorce does not automatically mean you must resort to court. We can help you navigate negotiations wherever possible to find a suitable compromise. With years of practical experience, our divorce financial settlement solicitors can help individuals explore their options and negotiate on terms to ensure that the settlement is personalised to their needs.
Alternative Dispute Resolution processes are designed specifically to help individuals resolve legal issues without going to court. At Frettens, our family lawyers are experts in collaborative law and mediation, using all of the tools at our disposal to find a comfortable and suitable arrangement for you and your ex-spouse to communicate where necessary.
Our collaborative law service involves a series of meetings with your former partner and your respective collaborative lawyers to negotiate family law issues, such as financial disputes upon divorce and separation. Your collaborative lawyer will be trained to provide legal advice during these types of meetings and negotiate on your behalf. You can also invite other professionals, such as tax advisors and accountants, to provide their input and help you come to an agreement.
Our mediation service likewise involves attending a series of meetings with your former partner to discuss family law issues. However, instead of a collaborative lawyer, a qualified mediator joins you. The mediator’s role is not to take sides or negotiate for you, it is to guide your discussions and help you defuse any conflict.
The court has powers to make a wide range of financial orders for separating couples, such as:
If an out-of-court settlement is not possible in your case, we can provide advice about applying for a Financial Order to settle your divorce financial proceedings. We will explain the process in clear, understandable language and advise on the best way to proceed. Our aim is to make the process as simple, cost-effective and stress-free as possible.
Frequently Asked Questions about Divorce Financial Settlements
How long does a divorce financial settlement take?
The duration of a divorce financial settlement will depend on the complexity of the case, the financial assets involved, and how communicative the involved parties are able to be. Straightforward cases can take as little as a few months, whilst more complex cases can take a year or longer.
How can a lawyer help with a divorce financial settlement?
The help of a lawyer during a divorce financial settlement is key. It is quite common for divorcing individuals to have different goals and misaligned priorities, which can make the discussions around finances tricky to handle and even trickier to resolve.
Our lawyers help with the initial financial disclosure, helping you to gather and present accurate information about liabilities and assets. They can provide financial advice on divorce, fully explaining which legal principles apply to your case and any potential settlement scenarios.
If necessary, we can confidently negotiate with your ex-partner’s solicitor, aiming for an out-of-court resolution wherever possible. In the event that court is unavoidable, we will bring robust representation and defend your case, making sure that you receive a fair arrangement.
What are the key components of a financial settlement in divorce?
Whilst every divorce arrangement is unique, the key components of a divorce financial settlement include:
There are a range of important financial factors to consider during a divorce, which our financial settlement solicitors can help with. Our priority is to find a balanced agreement that prevents disputes down the line.
How does financial settlement work in divorce?
In a divorce, a financial settlement is the legal process of dividing the finances between the parties, ensuring a fair distribution of liabilities and assets. The settlement will cover any financial concerns, ranging from pensions, savings, and investments to debts and obligations. In order to be fair and full, the process usually starts with a full financial disclosure between both parties. Then the parting couple can work with solicitors or a court to negotiate a settlement. The goal is typically for a clean break and the prevention of future disputes.
Can you get a divorce without a financial settlement?
Whilst it’s technically possible to get a divorce without a formal financial settlement, you’re strongly advised to do so as it ensures that neither party can make a financial claim after the divorce has been finalised.
Finances in divorce are a key issue for most couples, and without a financial order, you are vulnerable to claims in the future. In order to protect the future of your finances, work with a financial settlement solicitor. They can help you draft and implement a legally binding financial settlement in divorce, minimising antagonism, preserving relationships, and preventing future disputes where possible.
How does a financial order work?
A financial order creates a legally binding financial agreement between parties that can be enforced in the event that a party breaches a term set out in the order. Once it is approved, it can be very difficult to change and neither party can make a new claim against the other. In the event that the order is not fulfilled, either party can take the agreement back to solicitors or the court in order to enforce any of the terms under the agreement.
What is a financial order?
A financial order sets out the financial agreement between parties who are separating or divorcing. It legally documents the agreed-upon arrangements between the separating parties, seeking to prevent further disputes in the future, and ensuring clarity and certainty for both individuals involved.
Who gets the house in a divorce?
The parties can decide what happens to the house themselves. One important factor to consider here is whether any family members under the age of 18 are still living in the house. The court will consider the children's needs and often try to keep them in the property. If neither party can buy the other out or agree on what will happen, then the property will need to be sold.
How much do you get in divorce?
The amount each party is entitled to in a divorce depends on the length of the marriage and the factors set out in section 25 of the Matrimonial Causes Act 1973. The factors include:
What can be claimed for in divorce?
When a couple are separating, either party can apply for a financial order, including for:
Who gets what in a divorce?
In a divorce, assets are usually split as equally as possible, but this does not inherently mean there will be a split down the middle. You can read more here, but as a general rule, negotiations or court intervention will seek to divide all financial considerations such as matrimonial and pre-marital assets, spousal maintenance, child support, who’ll get the family home, and any pensions that need to be shared. Whilst the division may not be represented by two matching financial sums, it should leave each former spouse in good standing.
You can contact our Dorset-based divorce financial settlements solicitors at your local branch in Christchurch or Ringwood to set up your free initial chat.
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