Once you've taken the decision to divorce, untangling your shared finances and assets can feel daunting. But getting a satisfactory financial settlement is an important part of securing your future.
You can reach a financial settlement through negotiation or, if you are unable to do so, the matter will be determined by the court. Either way, the terms will be incorporated into a legally binding court order.
The terms of a financial consent order can include:
- Property
- Savings
- Shares
- Business assets
- Personal items (also known as Chattels)
- Pensions
- Any international assets
- Liabilities for debts
- Spousal maintenance
- Payments for children such as maintenance payments, school fees etc.
With so much to consider, you need to have the best legal expertise on your side. Our nationally renowned solicitors have decades of experience, working in the highest courts, changing laws and setting new precedents. We offer a personal service, ensuring you're completely in the know and supported every step of the way.
Contact us to discuss your situation in an initial fixed fee consultation.
How can Irwin Mitchell help with a financial settlement in divorce?
A one-size-fits-all approach doesn’t work when defining a financial settlement. We'll look at your finances and lifestyle and ensure you get the best outcome possible. A range of factors are taken into account when deciding the terms, including:
- You and your partner's assets and finances
- You and your partner’s current and future needs
- Each of your earnings and earning capacity
- The standard of living during the marriage
- Whether there is any foreseeable change in your or your partner's finances
- Whether you have children, and if so, their ages and needs
- The age of you and your partner
- Both parties’ health, and whether this will affect your future abilities to earn
- The length of your marriage – including any time spent living together before you got married.
You do not necessarily need to go to court to reach a financial settlement – you could agree an outcome with your partner through negotiation, arbitration, mediation or collaboration. Our family law team includes trained mediators and arbitrators, who can help you get a quick resolution.
However, it is worth noting, that even if you agree a financial settlement out of court, you may need to take other issues, such as childcare, before a judge.
We work with you to ensure you understand the process and feel comfortable with every decision. It’s important to work with experts whom you trust, and who have the knowledge and experience to secure you the best possible result.
Expert Anna Chenoweth discusses managing financial arrangements in more detail.
We can also refer you to other experts in the firm, ensuring all affected areas of your life are looked after during a divorce. This includes:
- Counselling – Our in-house counsellor Vicky Lambert offers up to four free counselling sessions, with the option to pay for further sessions if you choose. This helps to look after your mental health during this turbulent and emotional time.
- Wills – If you need to change your Will or create one from scratch following a divorce, our specialist Wills team will be there to support you.
- Child arrangements – Our family law team can help you resolve issues around child arrangements , living arrangements, maintenance, school fees, and other issues that arise when a couple separates.
- Conveyancing & Property – Our property solicitors can give you tailored advice if you’re looking to sell your home, remortgage, or buy a new house.
Mediation Support Service – 30-Minute Consultation
Mediation is a cost-effective and less confrontational way of resolving any disputes you and your ex-partner are facing.
Working with a trained mediator, you’ll be able to discuss issues such as child arrangements and finances in a neutral and calm setting. Many clients find mediation useful as it makes sure their voice is heard without confrontation.
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