Financial Settlements for Divorces in the U.K.: What You Need To Know

A divorce financial settlement is a term used in U.K. courts to determine the division of finances between the involved parties. It’s essential to obtain a financial settlement consent order as your partner can make financial claims against you even after the finalisation of divorce proceedings.

How you approach your financial settlement will depend upon the relationship between you and your ex-partner. Two common approaches can be taken for a financial settlement in divorces.

Amicable Agreement on a Financial Settlement.

If you maintain a conflict-free relationship with your partner, then there’s a chance that you can agree to a financial statement without going to court. However, you will need the help of expert divorce solicitors who can prepare a legally binding financial agreement.

With the help of family law solicitors, you can divide your short and long-term assets and any physical money held. Having a financial settlement in divorce can save you a lot of time and legal costs. Moreover, if you have children in your family, it is vital to agree to an amicable settlement on child maintenance.

After agreeing, your divorce solicitors can prepare a consent order. Consent orders legalise your financial settlement, which is then sent to court for approval.

Applying for Financial Settlement.

Sometimes divorce proceedings can get messy. Your ex-spouse may not be willing to discuss anything, let alone finances. Alternatively, you might have a complex financial situation that you and your partner cannot agree upon.

In such instances, you can get help from the court to agree to a financial settlement. The court considers several factors to determine fair monetary compensation, which may include:

• Individual assets of both parties involved
• The financial contribution of both parties in the marriage or civil partnership
• The money earned and career prospects of both individuals.
• Age and length of the marriage
• Disabilities, if any, for both parties.
• The existence of dependent children.

You need to provide evidence of mediation efforts before the court will intervene. The process can be lengthy as you will need to attend hearings. You will also need to pay £255 to obtain a financial settlement consent order from the court.

Why Choose Wembley Solicitors?

We understand that getting a divorce can be overwhelming and stressful. Our expert divorce solicitors can guide you in obtaining a quick and amicable financial settlement.

Our round table mediation meetings can help solve complex financial matters without going to court. Our expertise in handling multiple divorce cases gives us tremendous credibility in recognising the issue’s sensitivity and allows us to recommend you the best legal action with integrity and professionalism.

So if you’re looking for family law solicitors in Wembley, contact us today at 020 3417 3700 for expert advice on divorce financial settlement proceedings