When a couple decides to separate and divorce, monetary matters can cause worry and confusion. It is a common misconception that assets are equally divided between parties, when in reality, entitlements will depend on various factors.
Decisions relating to the split of joint finances should be carefully considered, helping you to protect your assets and plan for the future to ensure you have the necessary support in place, especially if there are children involved.
Here is some insight into what to expect when working out divorce settlements.
What are you entitled to when divorcing your spouse?
Divorce settlement entitlements should be considered based on the individual circumstances of each party, as well as the needs and welfare of children. Factors considered include each party’s resources (including earnings), present and future needs (including earning potential), responsibilities, standard of living, age, medical conditions and the duration of the marriage.
While a 50/50 split is possible, this is not always appropriate due to different circumstances. The courts will need to consider the Matrimonial Causes Act 1973 and the Civil Partnership Act 2004 when assets are divided to ensure all factors are accounted for.
How are divorce settlements calculated in the UK?
To help your divorce lawyer calculate your potential divorce settlement, they will need information from you. This includes assets owned by either party, how much is left to pay on your mortgage, income, investments, savings, pensions, other assets and outstanding debts. They will talk you through all the information required and why a full disclosure from both parties is essential for a fair process.
Other considerations for divorce financial settlements include what will happen to your property, will spousal maintenance be paid, and how will the needs of any children be met. There is no hard and fast rule for planning the division of finances when divorcing, which is why it is so important to have legal expertise on board.
Are divorce financial settlements always decided by a court?
Many couples remain in agreement when finding the right financial settlement to suit them. However, it is sensible to get expert advice from a knowledgeable divorce lawyer to ensure the value of all assets (such as pensions) is considered and the agreement you come to is fair on all parties.
A court-issued financial consent order ensures you have a legally binding agreement between parties to protect you from future claims against you from your ex-spouse. It also means the financial agreement can be enforced should either party breaches the terms.
Need professional divorce settlement advice? Contact Bellwether Solicitors
Do you want expert advice about divorce settlements? Contact Bellwether Solicitors today. We are available throughout Cheam and Kingston, with clients coming to us from Richmond-upon-Thames, Twickenham, Wallington and surrounding areas.
To speak to our divorce and family law team, contact us today. We are available on 020 3621 0111 (Cheam) and 020 4535 2300 (Kingston), or please send your enquiry to email@example.com.