Divorce - reaching a financial settlement
What are the financial implications for you if you have decided to separate or divorce? Here are some ideas for making sure that you are prepared...
For many couples considering a permanent separation, not only is there the divorce itself to deal with, but also the often bewildering and stressful experience of trying to reach a financial agreement. If you find yourself faced with this situation, how can you best help yourself, and what are your options?
Negotiating directly with your spouse
Where financial arrangements are simple this might be possible. Be sure that you know what you are entitled to before doing this. Request an initial meeting with your solicitor to ensure that you are well prepared.
A mediator is independent and may help you resolve issues. Your solicitor can refer you, and once agreement is reached will translate this into a Court Order which will confirm that agreement. From April 2014 couples wishing to issue court proceedings for a financial order have to show that they have attempted mediation.
Negotiating through your solicitors
Your solicitor will help you reach agreement by ensuring that all details of your finances and those of your spouse have been disclosed, and by negotiating a fair settlement for you. You will make things easier, and therefore less costly, if you are on top of your finances. Providing your solicitor with financial documentation promptly will move financial negotiations along more swiftly.
Issuing Court proceedings
If it is impossible to reach an agreement, or your spouse puts forward unrealistic proposals, you might have to consider making an application to the Court. The Court will timetable matters strictly, and will make sure that each party has provided the information required to reach a conclusion.
If you would like to discuss the above, or other family issues, please contact a member of our Family Team.