Financial Settlements and Divorce
Updated: Feb 5
At Rose & Rose, we understand that going through a divorce or separation can be an extremely stressful and overwhelming time, this can be made more so by deciding on what happens to any financial assets you may own and the financial future of your children. In this article, we will highlight frequently asked questions regarding divorce financial settlements and how our team of divorce experts can help you.
When going through a divorce or separation it is in the best interest of all involved to ensure an amicable decision is made on financial aspects of the divorce. Our team of family law solicitors are experts in their field with many years’ experience and can advise on all matters regarding matrimonial finances, guide you through all the options available to you, working to find a solution for you and your family that will minimise any conflict.
What are Consent Orders and Financial Agreements?
A financial agreement or consent order sets out the arrangements for the division of capital assets, liabilities, pensions, and income.
It is a legally binding document that records with the court the agreement reached between the separating couples about the resolution of their matrimonial financial matters.
How are consent orders or financial agreements put in place?
There are several ways of reaching a settlement with regard to how marital assets are to be split. One option is mediation (where a neutral third party will offer suggestions for settlement), which can sometimes be the quickest route to achieving a settlement. Another option is for the parties to agree to fully disclose their financial circumstances so that each can receive specific legal advice before voluntary negotiations.
In some instances, it is necessary to issue court proceedings by way of an application for a financial order, although the court will always encourage the parties to reach an agreement and therefore save on costs.
What is a Financial Order?
In the case that you are unable to reach an amicable agreement regarding your matrimonial finances, you can ask for the court to decide how you should divide your assets. The application for a financial order following the presentation of a divorce petition is called ancillary relief. This is because it is in addition to the divorce and requires a separate set of proceedings.
What is a Clean Break Financial Agreement?
A clean break financial agreement means that you and your partner are both in complete agreement regarding your financial commitments, have no spousal payments and you both wish to be financially separate after your separation. Once a clean break order has been finalised, neither of you will be able to make any further financial claims against the other. This does not always work for every couple and we advise that you chat to our expert divorce solicitors who will provide you with advice and guidance on your legal rights regarding matrimonial finances and all the options available to you.
Why is legal advice helpful before finalising a consent order?
Legal advice is always required on the contents of a consent order. It shows the court that you have had the contents explained to you and ensures you are fully aware of what agreement you will be legally bound by. The court is more likely to approve a consent order if both parties have had independent legal advice.
Expert Divorce Financial Settlement Solicitors Kingston
If you are looking for divorce financial settlement solicitors near you, then our matrimonial finance solicitors in Kingston will be able to provide you with practical advice regarding all divorce financial settlement matters, consent orders, ancillary relief proceedings, financial orders, and clean break agreements. Regardless of the complexity of your situation, at Rose & Rose, our experienced family law team has the capability and expertise to guide you through the most complicated legal issues and are dedicated to providing the highest level of service to our clients at all times.
Please call us on 0208 974 7490, email us at email@example.com or use the live chat on our website to arrange a free initial consultation to discuss the best way forward for you and we can then provide you with further advice specifically tailored to your circumstances. Our experienced team are here to help you.
Please note that this article is not intended as legal or professional advice, it is for general guidance only and updates to the law may have changed since it was published.