Reaching financial settlement with your spouse (Divorce and Civil Partnerships)
It has always been a cause of concern for those comtemplating divorce or dissolving civil partnership as to how to reach a financial settlement. Our skilled lawyers have many years of great expereince in negotiating satisfactory financial settlements for our clients. We are known to dealing with clients regarding complex financial affairs including businesses and family settlements. Our main task is to ensure that the right approach to negotiations is carried. If children are invloved, their welfare will always come first and will be a very important consideration in the financial settlement.
The first step to negotiations and fair settlement is to ensure there is a clear and accurate picture of the assets of each partner which we always obtained. The process is known as disclosure. This means that both partners must make full and frank disclosure of their financial position before negotiations can commence. Once we are in receipt of all the details of the income and expenditure of bot you and your partner, then we can help and assist you in negotiations applying the court guidelines of s.25 factors and the principles of equality and fairness and non discrimination in order to help you reach a settlement.
We may also be able to assist you in drafting mediation agreements into draft consent orders.
The Court Procedure:
In divorce proceedings, judicial separation or the dissolution of civil partnership, the court has the power to make a variety of Orders. This includes:
1. The Transfer of property: This is where ownership of an asset is transfered from one partner to the other or from joint names to the sole name of your partner.
2. The payment of lump sum
3. Periodical payments i.e. Maintenance
4. Pensions: This can be either pension sharing Order or pension attachment order.
The law sets out the criteria known as section 25 factors which must be taken into account when formulating financial settlements. The courts must take into account your income and earning capacity, your savings, your housing needs, your pensions, the duration of your marriage or civil partnership, your overall contributions, any disability and any other circumstances that is relevant to your case. In fact, there is no formular for dividing the matrimonial assets. The primary consideration of the court when dividing the family assets is the welfare of any dependant child or children.
The time scale from commencement to final hearing is deferent from court to court as they work to a slightly different time-tables, but generally it can take about one to 18 months from the date of issue of the first application to the final hearing
Please contact us if you need further information regarding this aspect of the divorce proceedings.