Although a more straightforward no-fault divorce process has been introduced since the legal update in April 2022, ending a marriage or civil partnership can still be overwhelming. This is especially true when it comes to finances and children. Certain financial matters will need to be resolved by agreeing on how to separate your money and assets, typically through a financial divorce settlement, consent order or clean break agreement. To ensure a fair and equitable outcome, it is crucial to seek the assistance of a regulated and experienced professional specialising in financial settlements in divorce cases.
Financial Settlements on Divorce
It is common for couples to seek assistance in deciding how to divide their assets and finances after a marriage ends. The existing legal system for managing these issues can be complicated and challenging to navigate and there are various approaches to resolving the division of assets following the breakdown of a marriage or civil partnership.
One of the options available for reaching a settlement is family mediation, a form of Alternative Dispute Resolution (ADR) where a neutral third party assists in facilitating negotiations between the parties. Mediation can often be the quickest route to achieving a settlement, as it allows for open communication and exploring various options.
In some cases, it may be necessary to go to court to obtain a financial order. However, it is always advisable to try reaching an agreement outside of court to save time and money. A family law expert who is regulated and experienced can be of great help in guiding you through the legal process and providing expert advice on appropriate ADR methods, the likelihood of success in court, and the potential outcomes.
What is Financial Disclosure?
During a divorce or separation, disclosing your financial position, resources, and future needs may be necessary. This is done through a process known as financial disclosure, either mutually or by applying to the family court for a ‘financial order.’ The disclosure is made by completing Form E, which requires both parties to provide comprehensive, honest, and ongoing financial disclosure. This process allows for a fair assessment of the financial situation and ensures that each party receives specific legal advice tailored to their circumstances.
A divorce solicitor specialising in matrimonial financial matters can ensure your legal rights are met and that the other party responds appropriately. They can carefully examine the disclosure provided and seek appropriate remedies if it is felt the other party are trying to mislead the process, act dishonestly, or if the information supplied is unsatisfactory. Form E should clearly state your needs and expectations for the divorce settlement, so you must complete it correctly to avoid severe consequences in the future.
Find out more about financial disclosure and form E by reading our previous article:
Kingston Upon Thames Divorce Solicitors
We realise how distressing going through a separation or divorce can be, and financial issues can be incredibly challenging, with many complex matters to consider. Understanding which forms you must complete, and which options are best for you can seem confusing, but we can help.
Our specialist matrimonial finance solicitors in Kingston can assist with all aspects of divorce, dissolution and separation. We can provide you with practical advice regarding all divorce financial settlement matters, consent orders, and clean break agreements.
For further advice on information in this article, divorce, and other aspects of family law, please get in touch with our Family Law team today by clicking on the profiles below.
This blog post is not intended to be taken as advice or acted upon. If you are seeking legal advice, please contact our team of solicitors.