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How financial settlement works?

To begin, both partners usually share full financial information. This includes:

Income and assets
Pensions
Debts and liabilities
Any other relevant financial details

This open exchange helps ensure that any agreement is based on a clear understanding of your financial position.

Once we have all the information, we will advise you on your options and help you negotiate a fair outcome - ideally without going to court. We believe court should always be a last resort - please see our separate page dedicated to this topic > Non-Court Dispute Resolution.

What factors will be considered when reaching a financial settlement?

Several factors are taken into account when determining a financial settlement, including:

Your respective incomes and/or ability to earn
Your financial needs, obligations and responsibilities
The standard of living enjoyed during your marriage
The respective ages of both partners
The length of the marriage
The needs of both partners and any children
Your respective contributions to the marriage

Under English law, there is no one-size-fits-all formula for dividing assets in the event of separation, meaning each case is unique. Your situation will be assessed based on its specific facts and merits.

What can a financial settlement include?

A financial settlement can cover:

Division of property
Pension sharing
Lump sum payments
Responsibility for debts
Business assets
Spousal maintenance
Child maintenance

Pensions are often one of the most valuable assets in a marriage - sometimes even more valuable than the family home. That’s why it’s essential to include them in your settlement.

Why you need a financial order

Once you have reached an agreement, it’s important to make it legally binding by applying for a financial order through the court.

Even if you have agreed everything amicably, or don’t have many assets, it’s still vital to formalise the agreement. Without a financial order, either of you could make a claim in the future.

This is the second time we've used Porter Dodson, and again the service, on this occasion from Karen Watts, was first rate.

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