Financial Settlements In Divorce
Financial Considerations - Divorce and Civil Partnerships
There are a number of ways of reaching a settlement with regard to how assets are to be split upon the breakdown of a marriage or civil partnership. 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 prior to 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.
In exercising its powers, the court has an obligation to consider whether to bring about a ‘clean break’ between the parties as soon as is reasonably possible.
Recent case law has made significant changes to the approach of the courts when ruling on the division of assets on divorce. In general, 'matrimonial property' (wealth generated during the marriage) may be regarded as warranting an approximately equal division, and “non matrimonial property” (which is brought into the marriage or created independently after it ceases) may be treated differently. Each case will however be decided on its own merits.
It is important to understand that the courts will very rarely take a party’s conduct into account when deciding how to apportion the assets, except in the most extreme circumstances.
Please contact us on 0208 974 7490 or email@example.com to arrange an initial consultation to discuss the best way forward for you and we will provide you with further and specific advice tailored to your circumstances.