Divorce Financial Settlement Solicitors For Your Family Law Needs.

How to Prepare for a Financial Settlement

To ensure a smoother process, it’s important to prepare thoroughly before meeting with a solicitor:

1. Gather financial documentation: Collect all relevant financial information, including bank statements, tax returns, property valuations, and details of investments and debts.
2. Consider your future needs: Think about your post-divorce financial requirements, such as housing, income, and retirement planning. Many people don’t think about the future and only focus on the here and now. Whilst catering to your immediate needs is sensible, not taking a long-term approach can reduce your overall settlement. This is often why parties with good pensions are keen to offset other assets against giving away a lump sum. Without expert financial settlement solicitors to help you, you could be settling for less than you are entitled to.
3. Set realistic expectations: Understand that a settlement is about reaching an equitable solution, not necessarily an equal division of assets. The 50/50 divorce split myth is all too common. You will often find that 50/50 is the starting point of negotiations before looking at needs, contributions, age of the parties, and so on. Remember: Equal doesn’t mean 50/50.

Because there is no set formula for working out who gets what in a divorce settlement, you are required to understand the divorce law.

The Law on Matrimonial vs Non-Matrimonial Assets in Divorce – For example, how assets are treated differently depending on how and when they were acquired.

Factors the court considers for a financial order – The various key factors Judges look at when deciding whether your financial agreement is fair.

What to Expect from the Financial Settlement Process

The process of reaching a financial settlement in a divorce can vary significantly in length and complexity, depending on the individual circumstances. Here are some general steps:

1. Disclosure: Both parties disclose their financial assets and liabilities to ensure transparency. Both parties are required to complete Form E, which is essentially where you give financial disclosure of your financial position.
2. Assessment: The solicitor will assess your financial situation and provide advice on a reasonable settlement.
3. Negotiation: Your solicitor will negotiate on your behalf, either directly with the other party’s solicitor or through mediation. Depending on the complexity of your finances, this may cost £1,000 – £5,000. If you have business assets, investments, or other high-value assets, you should consult with a solicitor to help protect your assets.
4. Agreement: If an agreement is reached, your solicitor will draft a financial consent order to be approved by the court. A consent order is a legal document that outlines how you wish to divide any money and assets.
5. Court Proceedings: If an agreement cannot be reached, the case may go to court for a judge to decide. You should try to avoid going to court where possible – this can be done by attending mediation or having solicitors negotiate for you.