You and your spouse can discuss your divorce and finances and come to an agreement without any outside intervention. However, it’s always a good idea to get legal advice, especially if your assets are particularly complex or some are outside of the UK.
A mediator – an independent third party – can help to further discussions between you and your spouse with the aim of reaching an agreement about your finances. Again, it’s advisable to speak to a specialist solicitor about your situation to make sure that you fully understand your rights.
Collaborative law where both you and your spouse, together with your respective solicitors, will meet and discuss what should happen to your finances. If you’d rather not meet with your spouse, you can get your solicitor to negotiate on your behalf instead.
If you can’t reach an agreement any other way, you can let the court decide what should happen to your finances. Depending on the complexity of your case, this could be a long and costly process. However, this is sometimes the only option left. You could also consider something called Arbitration, where you pay a professional to decide your finances for you. This can work out costing less than going to court and also has the added benefit of your agreement being kept completely private, particularly attractive if you are a high net worth individual or a celebrity.
Every case differs and it is rarely that simple. For example, if one of you is going to be the main carer for the children then you may need a larger percentage so you can house the children. If you have a prenuptial or post-nuptial agreement the court should look at taking this into account, too. The court will also take into account how long you’ve been married.
This is again decided on a case by case basis. When deciding this, the court will look at income and outgoings for each person and any shortfalls that appear. Maintenance could be awarded for a short period or indefinitely.
Whether or not the house will have to be sold as part of the divorce settlement will depend on a number of factors, including whether it’s affordable for one person to keep, what’s best for the children and how much of the capital is tied up in it.
Getting legal advice as soon as possible can help you to understand your rights and what might be the potential outcome of your divorce settlement. It can also help you to feel more in control in what can be a particularly emotional and turbulent time.
Our expert family law solicitors can help you with a range of legal issues relating to divorce and finances, including:
For more information call our divorce solicitors on 0845 862 5001 or email firstname.lastname@example.org.
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