FINANCIAL SETTLEMENT ON DIVORCE
- Where there is a Divorce or separation there will be financial issues to resolve such as who is to continue to reside in the matrimonial home? What assets are to be sold or retained? Who is to keep which asset? Should pensions be shared?. These issues can soon create an atmosphere of hostility to the point that the parties original an amicable intention turns sour and the hostility grows to the point of a total breakdown in civil communication between the parties.
- One of the most difficult aspects of divorce is resolving the financial matters arising. Legal and Mutual can provide you with clear, sound and practical advice in relation to these issues and assist you in coming to a fair and reasonable settlement with your former husband/wife/partner. We will ensure that you are fully appraised of the law in this area so that you can be advised as to your entitlement when entering into negotiating a financial settlement.
- A financial agreement can be reached in various ways the most common being an agreement reached amicably between the parties themselves. This is the ideal situation as both parties remain civil to each other which can be beneficial when continued contact with each other is essential for the future care of any children of the family.
- Negotiate a financial settlement through mediation which is encouraged by the Courts. In fact you can no longer issue court proceedings for a financial remedy unless you have attempted mediation first (except in limited circumstances).
- Negotiate through solicitors which can be both time consuming and result in the accrual of costs without any agreement being reached requiring court proceedings to be issued in any event.
- Finally as a last resort issue proceedings for a financial settlement which can be a lengthy and costly process but in some cases unavoidable where the parties are unable or unwilling to negotiate. It is far better to achieve a settlement by agreement rather than have a judge make a decision for you.
- Generally before specific advice can be given detailed financial disclosure from both parties would be required. Both parties must make full and frank disclosure of their respective financial circumstances before any agreement can be reached.
- If an agreement is reached between the parties the agreed terms can then be put into a Consent Order which can be approved by the Court without having to go through the complex legal process.
- Sometimes the parties are unable to negotiate and come to an amicable settlement. If this situation arises we can take you through the complex legal process of pursuing or defending a claim for financial relief which can include claims for: maintenance; lump sum payments; property adjustment orders in relation to the house etc. and pension sharing orders.