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The Legal 500

Financial Settlements Resources

How Can Our Family Law Solicitors Help?

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

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Financial Settlements Explained




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.

What is a Clean Break Agreement?

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.

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. We can help you.

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Update Your Will

Case Study

Fair Financial Outcome, when there is a Large Disparity in Income

The wife’s solicitor proposed that only the amount of pension accrued during the marriage should be used in the settlement, however, I was able to assist my client using recent developments in case law regarding pensions. Recent case law stated that in a needs case, the full value of the pension should be taken into consideration and on this basis, I was able to negotiate a pension sharing order taking into consideration the whole pension pot. It was agreed that £410,855 would be transferred to the husband who at the same time will retain his pension. This lead to an equalisation of the pension pot and a very satisfied client. 

The wife took on the debt of £600k and remained in the family home. The husband was therefore left debt free, enabling him to obtain a mortgage to by another property.

Given the disparity of income, spousal maintenance was considered for my client, but not pursued on the trade-off that the wife would not pursue child support. A separate contract was drafted in this regard as the court does not have jurisdiction to order that no child maintenance is payable.

This case was completed without a face to face meeting with my client, and is testimony to the convenience and ease of virtual and telephone appointments.

Why choose Banner Jones Family Law Solicitors?

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 and Mansfield.

Get in touch with our team today

Co-Parenting After Separation: Legal Tools to Help You Stay Involved

Co-Parenting After Separation: Legal Tools to Help You Stay Involved

The Family Law Solicitors at Banner Jones in Sheffield, Chesterfield and Mansfield understand the emotional and legal complexities of separation and will guide you through the process with honest and clear separation advice.

Court fee increase

Court fee increase

The Ministry of Justice (MOJ) has announced that from 8th April 2025, 171 court and tribunal fees will increase.

Online Divorce - Advice, Pros and Cons

Online Divorce - Advice, Pros and Cons

Take a look at our advice and the pros and cons of Online Divorce. We are here for you every step of the way and can help finalise financial and childcare arrangements.

How to Make a Will

How to Make a Will

Making a Will is commonly associated as something you do in later life however, in reality anyone over the age of 18 can have a Will and we would strongly recommend it to anyone with children.

What happens to business assets during a divorce?

What happens to business assets during a divorce?

We know that divorce is not easy for anyone, but it can become even more complex when there are business assets involved.

Online divorce advice - the pros and cons

Online divorce advice - the pros and cons

We know that the speed and convenience of online divorce is appealing. This article explains when it is appropriate and when it is not.

Why do you need to change your Will when you divorce?

Why do you need to change your Will when you divorce?

Writing Wills during a marriage that leaves everything to each other upon death is very common, but what happens to that Will should you decide to end the marriage and get divorced?

Public Sector Pension Changes – what the delays mean for divorcing key workers

Public Sector Pension Changes – what the delays mean for divorcing key workers

When a couple divorces both parties must provide details of any pensions they own. The temporary suspension of providing pension pot values means couples may face a delay in finalising their financial arrangements as they cannot negotiate or be advised as to what would be a fair settlement without knowing the CETV of their pension fund.

Living together after separation

Living together after separation

Navigating divorce is difficult even in steady economic circumstances however, with financial climates changing, this can lead to unconventional methods such as remaining to live together once divorced.

 

Christmas expected to hit couples harder this year

Christmas expected to hit couples harder this year

Tough economic conditions and spiralling costs are expected to add to the pressure on couples facing the Christmas period.

Mediation Advice

Mediation Advice

Mediation is a process which helps people sort out issues that arise as a breakdown of their relationship. This guide helps to explain the process.

Financial Settlements Explained

Financial Settlements Explained

Kelly Parks, explains how a financial settlement works and what you can do to ensure that you get your fair share.

How to Tell Your Children That You Are Separating

How to Tell Your Children That You Are Separating

Download our free guide for help and advice on how to tell your children that you are separating.

Chronic Illness and Divorce

Chronic Illness and Divorce

Married couples will very often have used traditional wedding vows where they promise to support each through sickness and in health, however, a recent study has found that unfortunately chronic illness plays a significant role in the breakdown of a marriage. Statistics from a US study by the Journal of Health and Social Behaviour show that 75% of marriages afflicted with chronic illness end in divorce.

No fault divorce- what are the changes?

No fault divorce- what are the changes?

You may well have heard in the news that the government are reforming the divorce process to introduce the so called ‘no fault divorce’ . This shall remove the element of fault and blame from the current divorce process and it is hoped that this will assist separating couples, making the court process less fraught and upsetting.

Choosing the right route for divorce

Choosing the right route for divorce

The ongoing pandemic has placed many pressures on our personal lives, with one in five relationships struggling to survive according to research by University College London.  It’s a further regrettable statistic from the past two years, but if divorce is inevitable, couples who work together to shape their separate futures are likely to have a more positive experience than couples who go into battle over financial and childcare arrangements.

Mistakes to avoid when negotiating a separation agreement

Mistakes to avoid when negotiating a separation agreement

If you have decided to separate from your partner, there are certain practicalities that you will need to work out together.  This can be done through a separation agreement.

Child vaccinations and what happens when the parents disagree

Child vaccinations and what happens when the parents disagree

All child vaccinations in the UK are voluntary and therefore parental consent must be given prior to the vaccination.

The Divorce Process

The Divorce Process

This guide explains the divorce process and covers the key points that anyone considering, or in the process of, a divorce should understand.

Guidance on Pension Sharing During a Divorce

Guidance on Pension Sharing During a Divorce

Pension sharing during divorce explained by expert divorce solicitors in Sheffield, Chesterfield & Mansfield. Get fair and honest advice on your financial future.

Taking Care of Yourself - A Guide to Managing Divorce in Sheffield

Taking Care of Yourself - A Guide to Managing Divorce in Sheffield

Divorce is a stressful time for anyone. This guide gives some great advice for anyone going through this particularly difficult time.

The Future of Divorce

The Future of Divorce

It has recently been announced that couples in England and Wales will eventually be able to file for a ‘no fault’ divorce, meaning that couples who simply grow apart, no longer have to find ‘blame’ to bring the marriage to an end. It is thought that this reform in divorce law will help to reduce family conflict and, in some cases, could speed up divorce proceedings. With these changes, alongside the introduction of the Ministry of Justice online divorce platform it is thought that divorce will become much quicker and easier for many couples in the future.

Understanding Cohabitation

Understanding Cohabitation

Cohabitation is the name given to unmarried couples living together. Whether you have previously been married, or are living with your first ‘partner’, you are called cohabitees. But what does this actually mean in practice, and what are your legal rights if anything were to happen to the relationship, or to either of you?

What to do when a summer break becomes a summer break up?

What to do when a summer break becomes a summer break up?

When it comes to holidays, most people look to forward to spending time with their loved ones. We all need time to recharge and "get away from it all".
Are Pre-Nups Binding?

Are Pre-Nups Binding?

Just how binding are Pre-nuptial Agreements in the British Courts? Well a recent ruling of the High Court on a French ‘pre-nuptial agreement’ pretty much spells it out.

Court departs from the ‘sharing principle’ in a divorce settlement

Court departs from the ‘sharing principle’ in a divorce settlement

In a ruling in the June of 2017, the courts followed an increasing trend for financial settlements of divorcing couples to reflect more accurately the contributions that each partner made to the marriage.

Why children come first in a divorce

Why children come first in a divorce

During a break up, being fair and civilised to each other is often the best you can hope for, but when there are children involved emotions need to be set aside.

Practical Advice - Taking Children Abroad After Separation

Practical Advice - Taking Children Abroad After Separation

Planning ahead is important for most family holidays, but if you are looking to take your children abroad and you have separated or divorced, then the sooner you prepare this, the better.

Court reform gives stronger protection for victims and witnesses

Court reform gives stronger protection for victims and witnesses

Vulnerable victims and witnesses will no longer have to appear in court under new plans to roll out pre-trial evidence sessions.

Guide to Getting Through Divorce in Sheffield

Guide to Getting Through Divorce in Sheffield

Are you local to Sheffield and are going through a tough time during a divorce or separation? Our family law solicitors have created a guide of things to do in Sheffield to keep you busy and get you back on your feet during this time.

Divorce and Separation

Divorce and Separation

Family Law: Divorce - The Banner Jones Process.

Children & Separation Guide

Children & Separation Guide

Getting through a divorce or separation is hard at the best of times but is often even harder when there are children involved in the relationship. Use our helpful guide for tips on explaining the situation to the children.

Divorce Survival Tips

Divorce Survival Tips

We’ve enlisted the help of some local relationship counsellors in Sheffield to provide you with some survival advice to help get you through a divorce.

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