How to deal with assets and finances in divorce
Going through a divorce is hard enough without worrying about how to deal with assets and finances in divorce. Nevertheless, it’s essential that you and your ex-spouse deal with your financial issues.
Deciding who gets what in a divorce by reaching a divorce settlement and then making it legally binding through a financial order is the only way for you both to move on with your life and prevent the possibility of financial claims being made by either party sometime in the future.
If you can’t agree on how your assets should be split you can try mediation, collaborative law or have your solicitor negotiate with your partner before going to court.
How do courts decide on a financial settlement?
The court has wide-ranging discretion in deciding who gets what in a divorce settlement when working out what is considered fair to both parties because each set of family circumstances is different.
When deciding a financial settlement, the court must consider not only the current income, assets, and financial resources of each spouse, but also their future earning capability. The importance given to income and earning capacity will likely vary depending upon the age and circumstances of each party.
Nevertheless, there are very few hard and fast rules in deciding who gets what in a divorce.
Dealing with assets and finances in divorce to decide on a financial settlement can be highly complex. For family law, unlike criminal law, the law is very general in that it merely provides guidance on what the court may consider when deciding a fair divorce settlement.
Guidance originates from Section 25 of the Matrimonial Causes Act 1973 and together with decisions made in previous cases in England and Wales (showing how previous courts have applied these considerations) they can influence the court.
To end the financial relationship following a divorce, you must put your financial agreement into a legally binding court order, most commonly known as a financial consent order, which is a legal document agreed by both parties to a divorce.
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Dealing with the financial aspect of divorce can often be confusing, stressful, and time-consuming, but we’re here to help you avoid that.
There is a simpler and more convenient way to end your financial relationship than by trying to do everything yourself and then appointing local solicitors.
Form E, the document whereby you’ll need to enter all of your financial information is over 20+ pages long. This can be quite daunting for couples who are researching what is involved with the divorce process and ending all financial ties.
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Financial Consent Orders
Without obtaining a financial consent order through court, you will still be financially tied to your ex-partner, even several years after your divorce.
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