Divorce Financial Settlement Solicitors

Divorce financial settlement is part of the divorce process, and deals with splitting joint assets and arranging any necessary childcare costs into a legally binding agreement. It’s an incredibly important part of a divorce for most ex couples, as not only does it provide clarity for the future, but it determines how both parties will plan to move forward with their lives. 

Financial settlements can be arranged either in, or out of court, depending on the complexity of your case and how amicable the divorce is. 

Why is Financial Settlement Important? 

Discussing, agreeing and arranging a legally binding agreement is important for multiple reasons: 

• Ensures a clear and concise understanding of who is getting what and when. 
• Prevents any ongoing disputes happening in the future. 
• It protects the interests of both parties and ensures a fair division of assets. 
• It helps ex couples move forward and progress with their lives. 

There are also legal obligations that the court will need to consider if both parties are unable to agree on a way to move forward. For example, the needs of any children will be put first to ensure they can be cared for properly. Other factors the court will consider are: 

• The duration of the marriage 
• The earning capacity for each spouse, now and into the future
• Financial and non-financial contributions to the family. This could include childcare or homemaking. 
• Any pre- and post-nuptial agreements that are in place. 
• The standard of living that the family had before the marriage failed. 

When agreeing upon a financial settlement, there is no clear-cut rule as to who is entitled to what. The courts will always put any children first, but otherwise decisions are based on each individual case. Of course, if each party is able to agree upon terms themselves, it is not necessary for the courts to intervene.

Key Components of a Financial Settlement 

Asset division is done on an individual basis, but generally speaking, you can expect the following things to be included: 

• Income and other financial resources such as stocks, shares, pensions and investments. This also includes anything that either party is likely to have in the foreseeable future. 
• Any financial obligations that either party has, or is likely to have. This can include things like childcare and debts. 
• Property that is jointly owned. 

What is the Process of Achieving a Financial Settlement? 

In most divorces, the process for achieving a financial settlement is negotiation, mediation and/or court. If an agreement cannot be reached between the parties, with or without the aid of a solicitor, then mediation may be recommended. Mediation is where a third-party helps both partners convey their wishes to attempt to reach an amicable agreement without the need to go to court. If court is required, you will need to apply for a financial settlement, provide the required financial disclosures and attend a series of hearings, whereby the court will decide the details of the settlement for you, and these will become legally binding. 

How Can Fitzhugh Gates Help? 

Hiring a solicitor to help guide you through the financial settlement process provides additional support at a difficult time. Aside from dealing with all the administration work, applying for court orders and organising timings, they provide clarity and guidance to ensure you are fully prepared for, and understand the entire process from start to finish. 

We offer our clients an initial, free 30-minute consultation to discuss your needs, and after our fees start at £250 + VAT (£50) per hour consultation. 

If you have more questions or need help with your divorce, our team is here to support you. Get in touch or visit our Shoreham-by-Sea office for clear, straightforward advice.