Divorce Financial Settlement

How do you obtain a financial settlement on divorce?

A financial settlement can be encompassed into a Financial Order of the court which sets out in a legally binding document how your assets and income will be divided when you divorce.
Assets such as the family home, savings and pensions will be taken into consideration. Financial information from both you and your spouse will be disclosed and we will negotiate on your behalf to try and reach a fair agreement as to how your assets will be shared.

Do I need to go to court to obtain a divorce financial settlement?

Most financial settlement are made without the need to go to court. When an agreement cannot be reached with your spouse, then mediation can be a useful option. A trained mediator can help you both consider the position realistically and help you try and reach a divorce financial settlement that is acceptable to you both. If mediation is not an option or a preference, then we can help you with this without going to court.

Once you have reached an agreement, the details can be set out in a document and sealed by the court so that it becomes legally binding. The majority of financial settlements are made in this way.
If you are unable to reach an agreement, then an application can be made to court, where we can ask the court to make an order dividing your assets and dealing with other financial issues such as pensions.

When considering what order to make, the judge will look at factors such as the length of your marriage, the assets involved, the needs of any children of the marriage, the needs of you and your spouse, the earning capacity of each of you, your ages and whether you are in good health.

What is the time limit for agreeing a financial settlement before and after divorce?

There is no time limit for agreeing on a financial settlement and if this is not agreed at the time of the divorce, it is open to either party to raise it at a future date. However, it is advisable to obtain legal advice on this point at an early stage, as everyone’s circumstances are different. It may be beneficial to you to settle earlier rather than later.

Can I obtain a decree absolute before agreeing to a financial settlement?

It is generally recommended that a decree absolute, which legally ends a marriage, is not applied for until financial matters have been agreed upon and you have obtained a legally binding financial order from the court.

There are a number of reasons why it may be wise to wait until financial issues have been agreed and it is important that you seek legal advice as to whether it is right for your circumstances.
In the event that your ex dies during the financial negotiations, you would often be in a much stronger position if you are still married to them.

Can I obtain a divorce without reaching a financial settlement?

While it is possible to divorce without putting a financial settlement in place, it is usually advisable to put financial matters on a legal footing to ensure that your position is secure. If you do not have a legal agreement in place, then it will be open to your spouse to make a financial claim several years down the line.
If you agree to a ‘clean break’ settlement with your spouse, then you can face the future knowing that you will not have claims made against you at a later date.

Contact us

Advice on divorce financial settlement from experienced divorce solicitors in Bucks, Berks, Herts & Middlesex

At Breakthrough Family Law we have an excellent track record of success in obtaining substantial financial settlements on divorce for our clients. If you are going through a divorce and you would like to speak to an expert family law solicitor about a divorce financial settlement, call us now on 01494 776 696 or Make An Online Enquiry and we will get back to you right away.

We inspire trust and confidence in our clients by offering high-quality advice in a clear, straightforward and compassionate manner and working tirelessly to achieve the right result.