Divorce & Finance Lawyers
Perduco can give you peace of mind during difficult times.
HOW? Our expert divorce & Finance solicitors are committed to guiding you through this complex and emotionally challenging journey, with the utmost care and discretion, whilst ensuring your peace of mind with a fixed cost of services established beforehand
What is financial settlement in divorce?
A financial settlement is an agreement between you and the other party designed to sort out any and all financial issues. Furthermore, a financial settlement will fairly separate your assets once your marriage is over.What can a financial settlement include?A financial settlement can include:
- Money, including your savings, pensions, investments and any life insurance policies,
- Property and the contents of your household, including personal items (if valued at over £500, they must be disclosed)
- Debts, loans and credit cards
Our experts can advise on the right approach to take for your situation.
How do I deal with financial matters if these have not been agreed during the divorce process?
When a divorce application has been field at court, either you or your spouse can make an application to the court for a financial order. The Orders available include:
- Periodical payments (maintenance);
- Lump sum orders;
- Orders that alter the ownership of a property; and
- Orders dealing with pensions.
How can our Family Finance Solicitors help you
We specialise in divorce and financial settlement
- We operate on an outcome based billing model
- We communicate transparently and understandingly
- We stand out from the crowd by simplifying our legal process
- Above all, we care. We are focused on achieving the best outcome for you and your family, to get back to what is most important.
Let’s get some clarity… what would you like to know?
We understand that our clients going through divorce or dissolution want to move forward as quickly as possible to rebuild their lives. However, we also recognize the importance of financial settlements, especially when there are children involved. That’s why we prioritize your well-being over rushing decisions. Instead, we provide practical solutions and tailored advice, suggesting options that suit your specific situation. When you choose our financial solicitors, you can expect the care and dedication you deserve. We believe in minimizing time and stress for divorcing couples whenever possible, a commitment we uphold daily while assisting clients from diverse backgrounds.
A financial agreement is a legally binding document which is created after a divorcing couple has reached an agreement on a range of important issues. This includes child maintenance, spousal maintenance and the division of property.
if you’re the primary caregiver for your children and earn less, have a smaller mortgage capacity, and less retirement savings than your partner, you might be entitled to a larger portion of the finances when you’re going through a divorce. Courts prioritize the well-being of the children above all else when dividing assets, although the specifics can be complex and may vary depending on your individual circumstances.
- mmediate Financial Worries: When a couple has been together for a while, they often depend on each other financially. It’s wise to plan for how the separation will impact your finances. We can offer tailored advice from the start of the divorce process based on our extensive experience
- Financial Support After Divorce: Given the major changes, it’s important to plan your finances for the years ahead. How much will your ex-partner contribute? This is especially crucial when children are involved, ensuring their future needs are secure. Separation is challenging, but you shouldn’t worry about supporting your children after parting ways.
- Property and Divorce: Consider how you own your property. Are you joint tenants or tenants in common? When selling the house, how will the proceeds be divided? These are vital considerations, as property matters in divorce vary. Our divorce solicitors can provide guidance tailored to your situation.
- Pensions and Divorce: Pensions will be divided based on your unique circumstances, including the duration of your marriage and your ages. While pensions might not be a significant concern for younger divorcing couples, those aged 50 or older need to assess how the divorce will impact their pensions.
The court will look at your spouse’s situation after considering the children. They’ll assess their needs, assets, income potential, their living standard before the separation, and any special requirements they may have.
If your agreement is in a court order and your spouse still won’t pay, you can ask the court to make them pay. One way is to get an Attachment of Earnings Order, where your spouse’s salary is reduced to cover your maintenance before they get paid. If your agreement wasn’t made official in court, you’ll need to go to court and get an order to make them pay.
The goal is to divide assets fairly. It might not be a perfect 50/50 split, but both partners should end up with equal treatment, whether they were the main earner or homemaker. Children’s needs come first, ensuring they have a place to live with the primary caregiver. Once both partners’ basic financial needs are met, any surplus assets will be divided. The court considers assets acquired during the marriage using both partners’ earnings as marital assets. Gifts or inheritances from one side’s family are usually seen as non-marital. The court aims for a clean financial separation, meaning no ongoing financial ties between the couple, except for child maintenance if needed.
Business assets are considered in negotiations, but the way they’re divided depends on your specific circumstances. Even if you started the business on your own, your partner’s role in the marriage might be seen as equally significant, and they could claim half of the business’s value. Each case is unique, so it’s crucial for us, as your lawyers, to know about all business assets to determine the division.
Once an Application has been made to the Court to deal with the family’s finances, a strict timetable is put in place.
The Court tells you what financial information is needed and sets a date for the first meeting to ensure both sides share their financial details. Next, there’s a date for a Financial Dispute Resolution Meeting (FDA) to see if they can settle without a trial. If no agreement is reached, a date is set for a full financial claims hearing.
During this process, the couple can agree between themselves (with legal advice) and skip steps that don’t apply to their situation. It’s hard to predict how long this will take because everyone’s circumstances are different.
To fairly divide family finances, both partners must share a lot of information. This paints a clear picture of the family’s money situation, whether they agree or the court decides.
Each partner has to complete Form E with financial details, which varies based on their unique situation. It’s vital for both partners’ lawyers to know the finances well to offer the best advice on financial arrangements. If no agreement is reached, the court uses this information to decide how to split the family’s assets and debts.