Skip to main content

Financial Settlements

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

Talk to Banner Jones

We are ready to help you

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

Do both parties have to agree to a no fault divorce?

It is possible for one party to contest a no fault divorce in the same way that they could contest a traditional divorce. This occurs when the parties cannot agree on the terms of the divorce, i.e. a fair division of money and assets, maintenance, child custody etc. If this occurs, then the case will be put before a judge, unless the couple agree on ADR (alternative dispute resolution) such as mediation.

How do I file for a no fault divorce?

To file for a no fault divorce you usually have 3 options:

  • Use a solicitor to file the paperwork for you
  • File yourself using the government portal
  • Use an online divorce service

Remember that this is just to start the divorce part of the process. The parenting and financial arrangements will normally need to be agreed separately to this part.

Will I need a solicitor for a no fault divorce?

The role of the divorce solicitor will change, but they will still have a role in:

  • Assisting with the preparation of the divorce paperwork and lodging the same with the Court.
  • Advising on how finances should be divided on divorce, including things like how the family home will be dealt with, how pensions and other savings and investments might be split and whether there is a requirement for maintenance payments.
  • Preparing documents, for example, the consent order to create a legally binding financial agreement between the parties.
  • Advising on entitlements and helping to negotiate. If no agreement can be reached, a solicitor will advise as to the merits of issuing court proceedings and will represent you within these proceedings.
  • Implementing orders, whether by consent or decided by the court.
  • Advising and supporting parents who are in dispute to reach arrangements about how they will care for their children.
  • Preparing cases to be presented to the court and conducting the proceedings where disputes cannot be settled.


This is not an exhaustive list but illustrates that the divorce itself may only be a small part of the legal process of relationship breakdown.

What is a no fault divorce?

No fault divorce removes the need to prove one of the five facts of divorce (adultery, unreasonable behaviour, desertion of two years, separation of two years with consent to divorce and separation of five years without consent). Instead, only a statement of irretrievable breakdown will be needed.

A couple can file for divorce once they have been married for at least 12 months. There is no need to apportion blame or fault, as was the case under the previous law when parties had not been separated for a period of over 2 years.

Will I lose touch with my children?

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.

What am I entitled to in a no fault divorce?

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.

He's got to keep a roof over our heads hasn't he?

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.

Contact a Solicitor for helpful 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.

Divorce

You can't begin to imagine how grateful I am to you.  You have been matter of fact rather than thinking about the earning potential.  You are a lovely women so thank you so so much.  

Mrs L, Hasland

Divorce and Family Law

Thank You so much for your help and support through this difficult time.

Mrs W, Sheffield

Divorce and Family Law

Happy with the professionalism of the service.

Mr C, Walton

Divorce and Family Law

The service was excellent.

Mr J, Hucknall

Divorce and Family law

Thanks for your assistance with my case, your advice has been invaluable, and I would certainly recommend Banner Jones to my family and friends.

Mr P Sheffield

Divorce

Exceptional service at a very reasonable cost.

Mr G, Forest Town

You were very helpful and sympathetic whilst dealing with my case and your knowledge and advice was excellent. Once initiated, my case was dealt with speed, professionalism. Good contact and communication was maintained throughout.

Mr G, Staveley

Efficient, compassionate, honest and realistic advice that instantly generated deserved trust. On time every time.

Mr J, Sheffield

Banner Jones are excellent, the Family team had some strategy to their advice rather than just giving bog standard legal advice.

Mr T, Whittington Moor

I used Kelly Parks for my divorce, and both her and her secretary, Dawn, were professional, efficient and friendly. I have used other solicitors before, but Banner Jones are by far the best.

Ms S, Sheffield

Absolutely brilliant service. Thank you so much!

Mrs D, Grassmoor

Banner Jones Solicitors provided an excellent service in what was a slow and difficult divorce matter. The advice and persistence was very reassuring and eventually led to a good outcome.

Miss M, Chesterfield

Very efficient, friendly and professional. We would definitely recommend to friends and family. They made the whole experience problem free.

Mrs W, Mansfield

We’re really grateful for the work you did for us. 10 out of 10!

Mr & Mrs S, Bridlington

Very easy to make appointments, very personal service from all people at Banner Jones, my solicitor was very friendly and put me at ease. If I needed a solicitor again, Banner Jones would be the first on my list.

Mr C, Dronfield

Brilliant service, kept well informed all the way through the process. Would definitely recommend.

Miss H, Nottinghamshire

Cannot fault the service, efficient, prompt and cautious. Matters explained very well and clearly. Pleasantly surprised.

Mr & Mrs D, Mansfield

Service provided was excellent. All the staff were very helpful, considerate and professional. I would highly recommend to friends and family.

Mr W, Nottinghamshire

I would recommend Banner Jones Solicitors 100% to anyone. Completely trustworthy, efficient and kind. You can rely on them to do everything they possibly can to fight your corner and protect your interests. Banner Jones' team will also go the extra mile to help too.

Ms C, Chesterfield

Thank you & your team for all of your help understanding during a very difficult time. We got there.

Mr B, Sheffield

I thank you for your kindness and patience in dealing with my case.  It has been much appreciated and we all got there in th end! Wsihing you very best wishes for the future.

 

Ms M, Sheffied

Thank you for everything you have done Kelly.

Ms M, Chesterfield

That was absolutely quick and fantastic. You have been great since I chose you to be my solicitor, massive thanks for all your help during the year .

Miss K, Sheffield

I’d like to take this opportunity to thank you and your team for all your help.

I wish you all well.

Mr D, Chesterfield

It was extremely convenient to be able to discuss my case with Kelly before work in the morning. This avoided us missing each other, did not interfere with my work day and I knew that if I had something to deal with during the day I could discuss it with her the following morning. Our lives have been turned upside down during the pandemic and as such we all have to work more flexibly. It was refreshing and reassuring to see Banner Jones Solicitors embracing this flexibility by responding positively and dynamically to their client’s needs and pressures.

Architect

Get in touch today

We take data privacy very seriously, and we want you to understand and feel confident about how we collect, store and handle your personal data. If you’d like to find out more you can read our Privacy Policy.

We take data privacy very seriously, and we want you to understand and feel confident about how we collect, store and handle your personal data. If you’d like to find out more you can read our Privacy Policy.

Update Your Will

Pen

If you have a Will in place with your spouse and you are getting divorced, do not forget to change your Will.
We can help you.

View More

Talk to our team

We take data privacy very seriously, and we want you to understand and feel confident about how we collect, store and handle your personal data. If you’d like to find out more you can read our Privacy Policy.