Walker Family Law, we understand that sorting out a financial settlement is often the most difficult and complex part of a separation or divorce. We are specialist financial settlement solicitors, qualified to provide you with compassionate and practical legal advice.
We can also arrange for you to receive any other, non-legal advice that may be required, such as from a financial adviser.
Our focus is always on achieving the best possible outcomes for our clients. With extensive experience in negotiation and mediation, our financial settlement solicitors explore all options to resolve your financial disputes. We can help you draft and negotiate financial agreements that address all aspects of your financial situation. From property division and maintenance payments to pensions and debts and liabilities, our financial settlement solicitors understand that each situation is unique, and we will work with you to find practical and workable solutions that meet your specific needs.
If you have children, we understand that their financial needs are of utmost importance. Our solicitors can help you negotiate a child arrangements agreement with your ex-partner that is fair and objective. We can also provide you with advice on child support payments and other financial considerations related to your children.
If negotiation and mediation are not possible, our financial settlement solicitors will work with you to prepare for legal action to ensure your interests are protected in court. We have a proven track record of successfully representing our clients in court and achieving the best possible outcomes, helping you move forward with confidence and security.
Financial settlements commonly involve matters such as:
The former matrimonial home: This can include whether the property should be sold and if so when it should be sold. Alternatively, the property might be transferred into the sole name of one party. If the property is to be sold, the division of the net proceeds must be declared. If the property is to be transferred to one party, it must be determined what payment, if any, that party should make to the other.
Division of other valuable assets: Another critical aspect of financial settlements is sorting out the division of all the other valuable assets of the marriage. This includes other properties, savings, shares and other investments. This may, for example, be dealt with by way of transfer of assets, or by way of one party keeping the assets and making a compensatory lump sum payment to the other.
Maintenance payments: Deciding whether it would be appropriate for one party to pay maintenance to the other and, if so, how much they should pay, and for how long. Alternatively, it may be appropriate for one party to pay a lump sum to the other in lieu of maintenance.
Pensions: Pensions are often the most valuable assets, after the matrimonial home. If one party has significantly greater pension provisions than the other, this disparity may be addressed through a pension sharing order. This order transfers all or part of that party’s pension fund into a pension fund owned by the other party. You can find more details on this here.
Resolving these matters requires a comprehensive consideration of all circumstances of the case, including factors such as:
In general, the starting point in all cases is that each party is entitled to an equal share of the marital assets, unless there is a compelling reason otherwise. The most common exception occurs when the financial needs of one party cannot be met by an equal division of the assets. In such cases, that party may be awarded more than half of the assets to adequately meet their needs
A financial settlement can be agreed between the parties, or ordered by the court. However, even if it is agreed, a consent court order will need to be drawn up setting out the terms of the agreement, to ensure that that it is both final and enforceable.
If there are no immediate plans for divorce or judicial separation proceedings, any agreement will need to be documented in a written separation deed.
The above is a brief overview of the complexities involved in financial settlements and their calculations. As evident, handling financial settlements in divorce is a complicated process that requires expert legal advice.
Contact our team of financial settlement solicitors to schedule a consultation.
Whether you are divorcing, separating, or ending a civil partnership, our expert team of family lawyers will help you move forward with confidence.
