At Banner Jones we can offer guidance on suitable Divorce Financial Settlements.
Among the first questions we are asked are: "how will our finances be divided?" and "how will we come to a divorce settlement agreement?" At Banner Jones our experienced divorce solicitors based in Chesterfield, Dronfield, Mansfield and Sheffield will work with you to achieve the best divorce settlement available.
Divorce Financial Settlement negotiations take into account several factors including:
- The financial and other needs of any children
- The current earnings of both parties
- The potential future earning capacity of both parties
- Length of the marriage
- Standard of living enjoyed during the marriage and income needs
- Contributions that both parties have made to the marriage, both financial and otherwise – including looking after the house or caring for children
- Assets of each party, including accrued pension values
Reaching A Financial Divorce Settlement Agreement
The ideal solution is for an amicable financial divorce settlement agreement to be reached by negotiation between both parties and their divorce solicitors. This will help to minimise legal fees and avoid the necessity of going to Court to reach a divorce settlement.
If an agreement can be reached out of Court then your divorce solicitor will draw up a consent order giving full details of the agreement reached. Both parties sign this agreement and it is then sent to the Court for a Judge to check it is reasonable before the Court endorses it as a legally binding order. We would always advise couples to try and come to an agreement on the divorce settlement before having to go through the Court process.
Clean Break Agreements
A clean break is a type of divorce settlement where all finances are finalised at the point an agreement is implemented. It usually involves a split of assets between the parties with no ongoing spousal maintenance.
A clean break is also achievable in cases where spousal maintenance would normally be payable. If enough assets exist to enable the party liable to pay maintenance to transfer assets of a suitable amount, then this can negate the payment of maintenance on a capitalised basis.
Once a clean break has been accepted by the court neither party can try to claim additional assets or maintenance at a later date, no matter what their change of circumstances.
A clean break agreement applies only to your spouse. It is not possible to get a financial clean break in respect of your children as you have an ongoing responsibility to support them.
Frequently Asked Questions
Non-residential parents have to pay maintenance for their children; hopefully the amount can be agreed though negotiation and if not then the CSA will decide. Each case is different. If for example the Mum and the children stay in the family home then she may relinquish her claims over any other assets such as pension and savings in return.
There is a 12 month barring rule which means you can start the divorce process after being married for 1 year. In England you can get divorced if your marriage has broken down irretrivably, usually proved by allegations of adultery or unreasonable behaviour, or if there has been 2 years' of continously living apart.
If the bank allows, it is possible for your aunt to name you as a third party on her bank account. This will allow you to withdraw funds and sign cheques on her behalf. We can help your aunt complete the mandate form required to put this in place.
No. Sometimes it may feel as though this has happened. The aim when sharing out matrimonial assets is to be fair. Both spouses have to make full disclosure about their assets and debts before any decisions can be made about distribution, trying to hide anything won't work. Factors which are important when sharing out the assets include the current and future needs of each spouse and any dependent children; the length of marriage and the age, earning capacity and contributions of each party.
We would always advise couples to try and come to a financial agreement so to avoid having to go through the Court process but we know sometimes it is just not possible to agree. In these cases an application will be made to the Court and a timetable will be fixed. It is essentially a three stage process:
1. First Directions Appointment
During the first stage both parties have to disclose their financial circumstances to the Judge. Our experts will deal with all the paperwork and ensure that everything is in order prior to the hearing. At this stage the Judge is checking that we have all the information we need and will give directions to progress the case to stage 2, for example, whether any valuations of property or businesses are required.
2. Financial Dispute Resolution Hearing
Here the Judge will give guidance to the parties on areas of dispute and will encourage the parties to find a compromise solution which is fair to both of them. Most cases do settle at this stage.
3. The Trial
If the case cannot settle, then a trial date will be fixed and the Judge will hear evidence from both parties and the divorce solicitors before deciding what should happen and making an order which the Judge considers to be fair.
Your aim should be that both parents still play an active part in the raising of the child/children. Usually parents sort this out amongst themselves, although if there are problems mediation can be a good way to resolve this. Going to Court should always be the last resort where children are involved.
No, getting a divorce should be an administrative excersise only and there are many options open to you that avoid going to Court.
Contact Us For Advice On Financial Settlements
At Banner Jones we have a team of expert divorce solicitors who are highly experienced and will treat each case uniquely depending on your circumstances. Our family law specialists achieve solutions through confidential settlements, we will ensure that we get the best financial settlement for you. We have worked on many divorce cases and have been successful at achieving the best divorce settlements for our clients.
We have offices in Chesterfield, Sheffield, Dronfield, Mansfield & Nottingham.
Update Your Will
If you have a Will in place with your spouse and you are getting divorced, do not forget to change your Will.
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