A financial settlement is a legally binding decision that outlines how you and your partner will divide your assets and wealth when your marriage ends.
It is possible to create a financial settlement before, after, or at any point during the divorce or civil partnership dissolution. Typically, the process of creating and finalising the agreement takes between 6 and 8 months, depending on the complexity and any court delays.
Seeking early, reliable, concise advice from a family law solicitor regarding a financial settlement is essential. To speak to our team, based in Guildford, Surrey and central London today, please call 01483 451900 or 020 7421 9421—alternatively, email sols@gordonsols.co.uk.
The introduction of no-fault divorce in April 2022 removed the necessity to place blame on one party in a divorcing couple. It also adjusted the type of legal language used throughout the process and made it possible for couples to apply for a divorce jointly.
No-fault divorce intends to make the divorce process more amicable by reducing conflict, making it easier to come to the necessary agreements, including upon financial settlement.
Whether a couple has applied jointly or one spouse has filed independently, the financial proceedings in divorce should not differ from that of a ‘traditional’ divorce. No-fault divorce does not necessarily mean that all shared assets will be divided equally between spouses, so seeking the appropriate advice is essential.
Creating and finalising a financial settlement is possible using mediation, voluntary negotiations or court proceedings.
Depending on the nature of the case and how amicable the divorce or civil partnership dissolution is will depend on which method of financial settlement creation is most appropriate. Below, we briefly outline each option:
Many people do not realise that the divorce or civil partnership process is handled separately from that of dividing joint assets and finances.
A divorce financial consent order is a legally binding agreement that outlines the terms of a financial settlement. The document is created once the parties have agreed to the terms, and once finalised, the parties will sign the consent order before sending it to court for judge approval.
Divorce does not terminate the financial relationship held by former spouses. Therefore, without a consent order dismissing all financial claims, a former spouse can still make financial claims against them in future, even years after the divorce.
The consent order sets out how the assets, including property, investments, pensions, and businesses, should be divided and how much, if any, maintenance should be paid. It can make provisions for a range of financial orders, including:
How the financial consent order after divorce affects the former spouses depends on their circumstances. Therefore, seeking advice and guidance surrounding this is essential.
Speak to the specialist family law solicitors at Gordons Partnership today at 01483 451900 (Guildford) or 020 7421 9421 (London) or email sols@gordonsols.co.uk.
When required, a divorce or civil partnership dissolution financial settlement may include provisions for spousal maintenance. Spousal maintenance is a regular payment made to a partner who cannot financially support themselves following a relationship breakdown.
When a court is deciding how much maintenance should be paid, several factors are considered, including:
The court will then assess the amount one party reasonably needs and the amount the other party can reasonably afford to pay.
In other cases, rather than paying spousal maintenance to the lower earner, the higher-earning party may buy off (capitalise) the financial claims of the other. In this case, they may either pay the lower-earning party a lump sum or allow them to retain more of the capital assets.
In this situation, no spousal maintenance is paid, meaning separating couples become financially independent from one another, known as a ‘financial clean break’ or ‘clean break settlement’.
Although seemingly straightforward, clean break settlements can be complex, so seeking the advice of an experienced and knowledgeable solicitor for financial settlements is essential.
Call 01483 451900 (Guildford), 020 7421 9421 (London), email sols@gordonsols.co.uk or fill in this contact form.
Whether you are looking to finalise your financial order after divorce or require financial advice for your divorce settlement ahead of time, ensuring that you speak to a solicitor about your arrangement is essential.
Failure to create and legally bind a financial agreement could lead to your ex-spouse having a claim to your finances even after your divorce is finalised and in the months and years following.
If you are separated and/or are considering ending your marriage or civil partnership and require advice on your finances, including consent orders, spousal maintenance, no-fault divorce or clean break settlements, speak to Gordons Partnership.
Our matrimonial finance solicitors near you can provide concise, practical and professional advice regardless of your situation. Please contact us today on 020 7421 9421 (London) or 01483 451900 (Guildford), email sols@gordonsols.co.uk or make an online enquiry here, and we will discuss the best way to help you move forward.
A nuptial agreement is a contract entered into by spouses or civil partners to regulate the ownership of money, property, assets and responsibility of debt.
The Ministry of Justice has said the increasing court fees said to be vital to ongoing court work for all those who seek justice, however,
No more unreasonable behaviour petitions, no more adultery petitions. As from April 2022, couples who want to divorce and then co-parent on an amicable basis
How does the court calculate child maintenance? The starting point for calculating child maintenance payments will always be the CMS formula. This formula applies on
© Gordons Partnership is the trading name of Gordons Partnership 2020 Limited a company registered in England & Wales (Company Number 12464371).
Registered office is at First Floor, 1 Chancery Lane, London WC2A 1LF. VAT No: GB 629 857 388 - Site by WBJ Designs
© Gordons Partnership is the trading name of Gordons Partnership 2020 Limited a company registered in England & Wales (Company Number 12464371).
Registered office is at First Floor, 1 Chancery Lane, London WC2A 1LF. VAT No: GB 629 857 388 - Site by WBJ Designs
