Not only is the family home often one of the most valuable assets from a financial viewpoint, it usually holds a great deal of sentimental value for both parties. This means that reaching a divorce property settlement can often be the most difficult part of the financial settlement negotiations.
In this article, we’ll look at ways you can reach a divorce property settlement with your spouse and discuss the factors a court considers when asked to decide how to divide a couple’s finances upon divorce.
Divorcing couples can, and do, agree to a divorce property settlement between themselves.
However, even if a couple intend to reach a divorce property settlement without any external help, we would strongly advise that each party seeks independent legal advice from a divorce solicitor, in order to ensure that when discussions begin, both parties fully understand their legal rights and what they may be entitled to.
For many people, conducting discussions about the divorce property settlement can be tough.
Emotions are often running high following a relationship breakdown and even those who broke up on the most friendly of terms, can find the ensuing financial discussions hard.
For divorcing couples who are struggling to reach an agreement about their divorce property settlement, there is help available.
Many people find mediation useful. This involves both parties attending sessions with a mediator, an independent third party who is there to aid discussions with the aim of reaching an agreement.
As well as helping with the divorce property settlement, a mediator can also help with a wide range of other issues you haven’t yet reached an agreement on, such as child arrangements and how you will split other assets.
Collaborative law works by getting both parties and their respective solicitors together in a meeting room, with the aim of discussing the divorce property settlement (as well as other contentious issues) and reaching an agreement.
Normally, asking a court to decide your financial settlement should be viewed as a last resort.
However, if a couple are unable to reach an agreement about the divorce property settlement, applying to the court for a financial order may be the only remaining option.
When deciding your financial settlement, the court will take into account various factors such as:
• how long you have been married
• your money and property
• your standard of living
• your income and earning capacity
As part of the divorce property settlement, the court may, for example, order that the house be sold and the equity be divided between both parties. Alternatively, the court may order that the sale of the property be deferred until a specific event takes place (the last child reaching 18, for example).
These are just two examples of what may happen as part of a divorce property settlement.
What a divorce property settlement will look like will depend on what is fair, as well as the needs of all parties.
Our expert family law solicitors can help you with a range of legal issues relating to fair divorce settlements, including:
For more information call our divorce solicitors on 0845 862 5001 or email email@example.com.
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
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