Divorce Financial Settlements
We have a team of experienced Family Lawyers who have a wealth of experience dealing with financial settlements during divorce.
We offer a free initial consultation to all new clients.
How is a Financial Settlement arrived at?
Our experienced Family Lawyers will work on your behalf to negotiate the most favourable settlement achievable for you.
Many factors are taken into account whilst negotiating a settlement, including:
- The needs of any children, both financial and otherwise
- What both spouses currently earn
- What both spouses are likely, or have the capacity to earn in future
- How long they were married
- The standard of living enjoyed during the marriage
- The income requirements of each spouse
- The contributions that each spouse made to the marriage, both financial and otherwise – including looking after the house or caring for children
- The assets of each spouse
Negotiating a Financial Settlement
Ideally, a settlement will be negotiated out of Court by both parties, with the help of their Solicitors. This is in both parties interests in terms of minimising legal costs and avoiding the need to go to Court.
Going to Court where an agreement on finances cannot be reached
When a financial settlement cannot be reached by negotiation then an application will be made to the Court. This precipitates a three stage process:
Stage 1 - First Directions Appointment (FDA)
Both parties have to disclose their financial circumstances to the Court. The Judge checks that all the information required is in place, this may include things such as getting valuations on properties or businesses.
Stage 2 - Financial Dispute Resolution Hearing (FDR)
This is the stage where most cases settle. The Judge will give guidance where there are disputed areas and the parties are then encouraged to negotiate a settlement given this guidance.
Stage 3 – Trial
If a negotiated settlement is not forthcoming, the Judge will hear evidence from both parties and decide what the settlement should be.