Financial Settlements In Divorce

Although divorce is emotional, the financial needs of both spouses and the children should never be overlooked. No case is ever the same when it comes to splitting assets as a result of divorce or separation. There is no set formula for the division of income, assets and ongoing spousal maintenance. This is a complex area in which Stowe Family Law has a particularly strong track record.

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Whilst the legal process for the divorce itself is standard, agreeing your finances can be the most challenging part of separation and divorce.

If your financial position is complicated, separating your assets and reaching an agreement on this is likely to need more professional input and support especially if:

One (or both) of you owns a business
One of you depends financially on the other
One of you does not agree to the divorce or dissolution
You have children who still financially depend on you
You have been married or in a civil partnership for more than five years
One of you has a medical problem or disability that affects your ability to earn an income
One of you has given up work to bring up your children, which affects your ability to earn an income
One of you has more assets than the other (for example, the house is in one person’s name, or one of you has built up a much bigger pension than the other)

The first step is to work with your Lawyer to identify the right process for you and your ex-partner to come to an agreement and your assets, home and ongoing spousal maintenance. There are many options available and you may use one route or a combination of these depending how the conversations progress:

Agreeing arrangements with your ex-partner asking your lawyer to make the agreement legally binding
Use the Mediation process to come to agreement
Use a Collaborative Law process
Use an Arbitrator to decide for you out of court
Ask your lawyer to negotiate with your partner for you to get to an agreement
Go to court to ask a judge to make a decision

At Stowe we can support you through the process and use our expertise to help you make the right decision based on your specific needs.

Going to court to agree finances

Depending on your situation your lawyer may recommend starting court proceedings while trying to negotiate a settlement at the same time. This can sometimes save time and help to avoid delay. Your solicitor will discuss this with you first, as it is very much your choice.
Court proceedings are usually used if :

Your spouse is not giving you all the financial information you need to make a decision
There is no hope of negotiating a financial settlement after divorce which is fair
There are complex financial issues that you need a divorce court to help you sort out
There is domestic violence – or the threat of it
There is an international element: if divorce proceedings may be started in another country, it may be necessary to issue divorce proceedings immediately in England or Wales