Finances on Divorce: Quick Guide
For separating couples, often the most difficult issue to resolve is how the family...Back to News and Events
For separating couples, often the most difficult issue to resolve is how the family finances will be divided. Most people are unclear about what they may be entitled to, or worried about what they may have to give up. An amicable agreement between the parties may be possible. However, for most this can be a complex and ultimately impossible task without some expert advice.
Initially we recommended that the parties enter into voluntary disclosure. This means that both spouses gather together their financial information and a date is set for mutual exchange. Our specialist lawyers can provide expert support and advice when collating your information. We will also identify any potential gaps in the other party’s disclosure. Once we have an overall picture of the finances, we can advise you on the fairness of any proposals.
If the parties are able to reach an agreement then we can use our expertise to draft a Consent Order. This will formalise the agreement and protect the parties’ financial positions in the future. Without an effective Consent Order any potential financial claims between the parties can remain open. This may lead to future claims against an inheritance or windfall. Consent Orders are crucial and it is important that they achieve what you think they do as this will typically finalise all financial claims between you and your spouse.
If agreement is not reached to resolve matters, one party should issue an application for financial remedy through the Courts. The exchange of financial information now becomes a formal process within the court arena. We can advise you on the benefits of obtaining pension actuary reports, expert valuations of property or other assets, where to pitch an offer or conversely provide advice on any offers received.
Once the application to Court is made, the parties are under a strict timetable to comply with the directions of the Court. We can make certain that you meet these time frames and that your case is fully prepared. We will ensure you are in the best possible position for the Court to reach a favourable conclusion.
Finances can be complex and even if you have chosen to divorce without the benefit and assistance of legal advice, we would strongly recommend that you seek legal advice in relation to any financial settlement. Speak to one of our team of family solicitors for a free 30 minute initial, no obligation consultation. You can telephone us on 01270 256665. Alternatively you can visit our family services page here or complete the form linked here and we will call you back.