Divorce & Finance

Divorce & Finance

Sorting out the financial aspect of a divorce settlement can often lead to increased stress and uncertainty around future financial stability. This often includes division of assets such as the family home, investments, savings etc as well advice on pensions, income and the financial provision for children.

Our expertise will offer practical solutions tailored to your needs and personal circumstances to help get you the best outcome possible.

Spousal maintenance

There are different types of Spousal Maintenance and the amount is awarded by the courts. This is paid by the spouse with the higher income to the spouse with the lower income, in the event one party cannot support themselves without these payments.

Generally, spousal maintenance is given as a lifetime or fixed term order, dependent on the circumstances. There is also a nominal order which enables the claim to remain open and optional indefinitely.

Freezing Orders & Injunctions

A freezing order or injunction is put in place to prevent the defendant from being able to dispose of or diminish the value of the assets before judgement has been made on ownership. There are a number of assets which can be frozen which include bank accounts, shares, property etc which would then prevent an individual from hiding or moving their assets to avoid paying a debt or judgement.

Financial consent orders

Consent orders are legal orders given by the court and make any financial agreements legally binding. In the event that a couple divorce without a financial consent order being granted, both parties remain open to a future claim by the other for any assets or income for example a financial windfall through inheritance or such like.

The arrangements contained within the consent order must be agreed by both parties and this then provides a clean break and severs all ties brought about by the marriage. It is not given automatically as part of any divorce proceedings but is in addition to and is only granted once you have your decree nisi. It is therefore important to ensure you ask your solicitor to help and advise on this when you are going through the process of a divorce.

Pensions and Divorce

It is important to have sound financial advice when it comes to agreeing a settlement in a divorce as often someone’s pension can be one of the main financial assets.

Trusts and Divorce

Trusts can have significant implications in divorce cases, particularly when it comes to the division of assets and financial settlements. Trusts are legal structures that allow a person (the settlor) to transfer assets to a trustee who holds and manages those assets for the benefit of one or more beneficiaries. The assets in a trust are separate from the personal assets of the settlor, and this separation can complicate matters during a divorce.

In complex situations involving trusts and divorce, it’s crucial to work with legal professionals who can navigate the intricacies of trust law and family law to ensure that your rights and interests are protected throughout the divorce process

Divorce settlements

Divorce settlements refer to the resolution of financial and property matters between divorcing spouses. When a marriage ends, the division of assets, property, debts, and financial arrangements need to be addressed to finalise the divorce.

A divorce settlement can be reached through various methods, including negotiation, mediation, collaborative law, or, if necessary, litigation in court. It’s essential for both parties to have legal representation during divorce settlements to ensure their rights and interests are protected.

A fair and comprehensive divorce settlement can provide a stable foundation for a new beginning for both individuals and any children involved.

Financial Remedy orders

In the context of family law in the United Kingdom, a Financial Remedy Order is a court order issued by the family court to resolve financial matters between divorcing or separating spouses or civil partners. The purpose of a Financial Remedy Order is to provide a fair and just resolution for the division of assets, property, debts, and financial arrangements following the breakdown of the relationship.

Obtaining a Financial Remedy Order typically involves a series of steps, including financial disclosure by both parties, negotiations, and, if necessary, court proceedings. The court will consider various factors, including the length of the marriage, each party’s financial needs, contributions, and the welfare of any children, to arrive at a fair and equitable financial settlement.

It’s essential for individuals going through a divorce or separation to seek legal advice from experienced family law solicitors to understand their rights and options and to ensure that their financial interests are protected during the Financial Remedy process.