What is a Divorce Settlement Agreement?
A divorce settlement agreement is an integral part of any divorce case. Sorting out...Back to News and Events
A divorce settlement agreement is an integral part of any divorce case. Sorting out money and property can be an extremely challenging task for divorcing couples when they don’t know where to start or what they’re entitled to.
To separate finances on divorce, the parties need to reach a financial settlement and turn that into a Court Order that is separate from the divorce itself. The most common type of Court Order used to separate assets and finances in a divorce is called a Consent Order.
Family Solicitor Lisa Ball said, “Often clients approach me in the first instance and state their intention to resolve financial matters between themselves and request a simple divorce. It often comes as a surprise to them when I mention that the act of divorce itself, in England and Wales, doesn’t put an end to the financial relationship between them and their spouse. A well prepared Consent Order confirming the agreement that is reached and, where possible, providing for a clean break in both life and death is the only way to ensure the financial ties are severed and both parties can move on with their lives without any concern that their ex-spouse may seek to make a claim in respect of their assets in the future.”
Married couples have a duty to provide full and frank financial disclosure to one another to assist in negotiating a financial settlement. A full picture of the financial position can then be provided to the parties’ respective solicitors so that the solicitor can then advise them in relation to what a fair and reasonable financial settlement would be in the circumstances.
Often agreements can also be assisted by the parties attending mediation, however, ultimately if the parties’ positions are poles apart or one party is particularly abusive or hostile towards the other party, an agreement may not be reached and an application to the Court for financial relief may be necessary.
If you’re looking for advice about a divorce settlement agreement or separating your finances following a divorce, we’re more than happy to help. Visit our contact page to arrange your free divorce consultation. For more information visit our divorce and family law page.