Divorce can be a stressful circumstance, and agreeing financial settlements can add further stress, as well as being a complex part of the proceedings to work out for each party.
Divorce financial settlements is the division of assets that must be discussed and decided upon. Once an agreement has been reached, it can be legally formalised as part of the divorce settlement
Thursfields Family Lawyers understand this complexity and aim to work with you, guiding you through the steps to get the most satisfactory resolution for the whole family. We aim to resolve your financial settlement in the most amicable way, avoiding court proceedings where possible.
What Do Divorce Financial Settlements Include?
There are varying elements to financial settlement in divorce that need to be considered based upon each parties’ individual circumstances and needs.
Family Homes & Family Businesses
Family homes do not always have to be sold in divorce. As part of your financial agreement, it will be decided whether one party will buy the other party out of the house, whether it will be sold and divided, or whether one party will remain in the home.
Family businesses will also be discussed as part of the martial assets, it is important as a business owner you understand what this might mean.
Division of Debts
The division of debts can be a complex area of financial settlement.
Joint and individual debts are considered for both parties and are divided in an appropriate and fair way. Thursfields Lawyers can help with this division and advise on what is fair in your circumstances.
Pension Sharing can be considered as part of your financial settlement, dividing any pension assets between the parties upon divorce. How pensions are divided can be complex and will need to be discussed by the parties and legal teams to ensure a fair decision for all.
Maintenance (Child and Spousal)
Maintenance in divorce settlements can be considered on two fronts: child or spousal.
Spousal maintenance is considered if one party is financially dependant upon their ex-partner. Should they not be able to financially support themselves without assistance, this may be considered.
Child maintenance is an agreement made to make regular support payments towards the living costs of any children from the marriage.
Thursfields can advise whether you would be eligible for either of these maintenance support options in your financial agreement, and tailor their guidance appropriately.
Consent Orders & Clean Break Agreements
A Consent Order is drafted and completed for you by Thursfields once an agreement has been reached. It details all elements of your financial agreement, making it a legally binding element of divorce proceedings.
A clean break agreement ends the financial ties between you and your ex-partner as soon as reasonably possible following your divorce.
Please consider which option is best for your circumstances and discuss with your Thursfields Family Lawyer.
Can you divorce without a financial settlement?
It is always advised to have a financial agreement as part of your divorce settlement; however, it is not a compulsory element, but difficulties and complexities can arise in your future if you do not. For more on this, please click here.
Thursfields Tailored Financial Settlements Service
Thursfields Family Lawyers are experts in advising and guiding you through divorce proceedings and all that these entail.
We take the time to understand your personal circumstances, financial situation and advise accordingly, giving appropriate guidance and setting realistic expectations for you. We will use open dialogue and transparency throughout, aiding in getting the best resolution for every party.
At Thursfields we provide a professional, high quality service that can minimise the stress and costs for you in the best possible timeframe.
Contact Thursfields Family Lawyers Today
For any further information regarding our financial settlement services, take a look online.
If you are contemplating divorce and need practical legal advice or guidance with proceedings, please do not hesitate to get in touch with Thursfields Family Lawyers today.
You can complete our contact form below or give us a call today on 0345 20 73 72 8.