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Divorce and Money : How to sort out your finances


Discussions about divorce and money go hand in hand. For many couples, agreeing a financial settlement is the most lengthy – and stressful – part of the divorce process.

Ensuring that divorce and money are dealt with at the same time is vital, otherwise you could be risking your future financial security. In this article, we’ll discuss how to approach divorce and money discussions and explain why dealing with divorce and money is so crucial.

 

How does divorce and money work?

The divorce process itself does not deal with the financial side of things. Although divorce and money should normally be dealt with at the same time – and the processes often run simultaneously – there is no obligation to do so . However, not dealing with divorce and money can result in problems further down the line (we’ll discuss more about this below in the ‘consent order’ section).

There is no formula that you can use to find out what your financial settlement will look like. Every marriage is different and the divorce and money agreement which suits one couple, may not be appropriate for another.

If a court is asked to decide a financial settlement, it will take into account factors such as how long a couple have been married, how much income and earning capacity each party has and the standard of living enjoyed by the family before the marriage broke down.

Divorce and Money

 

Divorce and money: reaching an agreement between yourselves

It is perfectly possible to come to an agreement regarding divorce and money between yourselves. However, it is highly advisable that you have at least one appointment with a divorce solicitor, such as Austin Kemp, to discuss what a fair financial settlement may look like in your circumstances.

If you reach an agreement about how your divorce and money will work, you should seek advice about whether you should obtain a consent order (more about this below).

 

Divorce and money: what help is available?

If you and your spouse are unable to reach an agreement about divorce and money, there is help out there.

For example, mediation, where an independent third party aids discussions between you and your spouse, with the aim of you reaching an agreement, is one option.

Collaborative law, where you, your spouse and your respective solicitors meet to try and reach an agreement, is another.

As well as divorce and money, you can use these methods to help you reach an agreement on other issues, such as child arrangements.

 

Divorce and money: court should normally be viewed as the last resort

Asking a court to decide your financial settlement is possible if an agreement cannot be reached about divorce and money. However, as the process can be time-consuming and costly, it’s normally viewed as the last resort.

 

Divorce and money: What is a consent order and do I need one?

If you come to an agreement about what will happen regarding your divorce and money, you may then want to apply for a legally binding consent order from the court. This is a document which details the financial agreement that you have made and prevents both you and your spouse from making future claims.

Divorce and money can be a complex area of law, as there is no one-size-fits-all financial settlement. This is why it is highly advisable that legal advice is sought from a solicitor who specialises in divorce and money, such as Austin Kemp.

 

Other articles that may be of interest to you?

Divorce financial settlement and my new partner – What is the effect?

Financial Settlement In Divorce – Your Guide

How to negotiate a financial settlement and the dangers of getting it wrong!

Financial Settlement after Divorce

Divorce Settlement: Who gets what?

What is the divorce process?

When is decree absolute granted in a divorce?

Decree Nisi – What does this mean in a divorce?

What are the first steps to divorce?

Is a cheap divorce really possible?

 

How can our expert divorce solicitors help you with divorce and money

Our expert family law solicitors can help you with a range of legal issues relating to divorce and money, including:

 

Contact our expert divorce solicitors for advice on divorce and money

For more information call our divorce solicitors on 0845 862 5001 or email mail@austinkemp.co.uk.

Our expert family law solicitors offer a nationwide service. We have client meeting office facilities available, in order to have face-to-face client meetings / conferences as and when required in:

Leeds Office: St Andrew House, The Headrow, Leeds, LS1 5JW

Wakefield Office: Market Walk, Wakefield, WF1 1QR

Halifax Office: Old Lane, Halifax, HX3 5WP

Huddersfield Office: Northumberland Street Huddersfield, HD1 1RL

Coventry Office: Warwick Road, Coventry, CV1 2DY

Canary Wharf Office: 25 Canada Square, Canary Wharf, London, E14 5LB

Please contact us for more details.

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22nd April 2020

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