Are you getting a divorce? Ending a marriage is one of the most stressful procedures that you could go through. Not only is a divorce proceeding mentally and emotionally taxing, but it can also be subject to frequent delays due to legal and financial setbacks.

Of the many things that make the entire process hard, the division of finances and assets is by far the most challenging aspect of divorce proceedings.

In this blog, we will discuss how you can reach a financial settlement with your former spouse and protect your financial interests:

Mutual Agreement

By negotiating directly with your ex-spouse, equal distribution of assets and finances may take place. This is quite possible to achieve if there are no children involved. However, if you and your ex-spouse are unable to reach an arrangement, there are several other alternatives to look into.

Mediation

Mediation refers to a kind of dispute resolution that involves third parties. In simpler terms, a couple that is getting a divorce hires an independent mediator to facilitate the division of assets and finances.

As a third party, a mediator can represent the financial interests of both parties and come up with the best possible solution.

Collaborative Law

In this process, the two parties are represented by their own solicitors. It is absolutely imperative that your solicitor is trained in collaborative law techniques to reach a reasonable financial settlement with the other one.

After creating a consent order, your solicitor can submit it in court, along with other necessary documentation. Thereafter, it will need to be approved by the court to make it legally binding.

Financial Order

In the event that a couple is unable to reach a financial settlement, either party can consult a court for a financial order. The court will make legal decisions regarding the division of finances and assets, on behalf of the couple.

If you or your ex-spouse is seeking a financial order, it can take from six months to a year for the court to come to a decision.

Knowing The Factors Affecting Your Case

While financial settlements vary from one divorce case to another, courts typically consider the following factors when deciding how to divide assets and money between a divorcing couple:

• The financial needs of children (if there are any)
• The length of the marriage
• The ages, earnings, standard of living, assets, and financial requirements of each party
• Any health issues affecting either party or children
• The financial and non-financial contributions made by each party

To find out more about the factors that the court will take into account for settling your financial dispute with your ex-spouse, get in touch with us.

At Wembley Solicitors, we specialize in a range of family law issues, which includes legal separation, divorce and more.

Reach out to us at  02034173700 or send an email to info@wembleysolicitors.com for professional legal advice.