Financial settlement after divorce

When faced with divorce or separation you may have to make hard decisions about the division of your property and earnings. What you decide can have serious and lasting implications for you and your family. We can provide you with clear legal advice and guidance necessary to obtain the divorce financial settlement that best protects your interests and helps you and your family plan for the future.

A financial settlement sets out how you can your partner will divide your assets and is legally binding. It can include:

• Property
• Pensions
• Savings
• Debt liability
• Business assets

There is a strict obligation on both you and your partner to fully disclose all financial assets, resources, circumstances and income.

What factors will be taken into account when reaching a financial settlement?

There are several factors that will be considered before reaching a financial settlement including:

• Your age
• The length of your marriage
• Your respective needs and those of your children
• Your relative contributions
• Your ability to earn
• Whether compensation is appropriate

Within English law there is no unified code for the division of assets in the event of a separation and therefore every case is unique. As such, yours will be judged on its own facts and merits.

Once you reach an agreement, the court will validate that agreement which may be in the form of a financial clean break order, making it legally binding. This ensures you and your family are protected moving forwards and no further financial claims can be made. There are occasions when there may be an ongoing maintenance liability, but this is something our experts can advise you upon.

In order to minimise the expense, hurt and disruption you might experience, we believe court proceedings should be a last resort.

Protecting pensions in divorce

Pensions can be as valuable as the equity in the parties’ family home – and sometimes significantly more valuable. It is important that all pension benefits are taken into account when the marriage ends.

It doesn’t matter what the pension is, all pensions can be shared (save the basic State pension) and are relevant.

What are the three main options for the division of pension assets?

• Pension attachment - a percentage of the pension is paid to the other spouse when it comes into payment
• Pension sharing - division of the pension into two separate pension pots
• Pension offsetting - the pension value is offset against other assets

However you decide to share the funds, pensions are complex. Anyone who gets divorced where they or their partner have pension benefits, and most now will, would be well advised to get expert advice from a family lawyer.

How we can help you

Our experienced family law advisors are specialists in securing a divorce settlement by negotiation, between you, your partner and their solicitor, with minimal acrimony. We can help you with:

• Pension sharing orders
• Property adjustment orders
• Maintenance orders
• Lump sum orders