Expert Legal Advice on Financial Settlements on Divorce in London
When undertaking divorce or dissolution of a civil partnership, reaching a good financial settlement on divorce is vital. All of our London-based team have substantial experience in negotiating financial settlements.
We aim to ensure that proceedings are not protracted and that children’s interests are considered above all. In any matrimonial law case there must be financial disclosure.
Sometimes this can be achieved on a voluntary basis or in many cases during the court process. Once there has been full financial disclosure then the practice will be in a position to assist in negotiations.
Each case will be assessed for its suitability for:
- Mediation
- The collaborative procedure
- Arbitration
- Private FDR’s
- A round table meeting
- The court process
Each of these options will be discussed with you to help you choose the best course of action to follow.
Voluntary Financial Disclosure of Finances and Assets
In voluntary financial disclosure both parties agree to complete a financial statement known as a Form E and these are exchanged between solicitors. Once all the financial information on your assets, income and income needs has been disclosed we can commence negotiations to reach a fair divorce settlement.
The Court Process for Reaching a Financial Agreement
If the matter proceeds to court by issuing an application, the court will impose a timetable for the exchange of financial statements by Form E. Questionnaires can be raised and information sought by way of court order.
The court will decide on a first hearing, known as a “First Appointment”, what directions they will give and the timing of Replies to Questionnaires and the production of any further expert evidence including updating financial disclosure .
The court will then set a second hearing known as a “Financial Dispute Resolution Hearing” where the court will try to assist the parties to reach an agreement.
This hearing can and often is now held privately. Most cases settle at this time. If the matter cannot be settled the case will go on to a final hearing.
In any matrimonial case either an agreement will be made to be approved by the approved by the court through a financial remedy order to deal with the following:-
- Maintenance known as periodical payments for a spouse or children
- Transfer of property, this normally involves the home and any other properties.
- Lump sum payments
- Pension Orders
Or the Court will be required to make a decision. The Court will apply Section 25 of the Matrimonial Causes Act 1973 sets out the criteria that should be taken into account by the court as applied by judicial decisions when deciding a financial order.
The first and primary consideration is the welfare of any dependent child or children. Courts will take into account income and earning capacity, savings, housing needs, pensions, the duration of the marriage or civil partnership, the parties’ contributions, health of both parties and any other circumstances that are relevant.
Minimising legal fees Through Early Negotiation
Only a few cases go to a final hearing. The lawyers Lloyd Platt & Co, pride ourselves on early and sensible negotiations which have the effect of minimising legal fees. Please contact any of the team who will be delighted to assist.
Contact our Lawyers in London
To make an enquiry please fill in our form, call us on 0208 343 2998 or click to contact our London-based team of solicitors. We can advise you on all matters relating to financial settlement on divorce.
FAQs: Financial Settlement on Divorce
How is a financial settlement decided during divorce?
A financial settlement can be agreed voluntarily between both parties or determined through the court process. Where agreement is possible, negotiations may take place through solicitors, mediation, or other forms of dispute resolution. If an agreement cannot be reached, the court will assess the case and make a decision based on the relevant legal criteria.
Do I have to go to court to reach a financial settlement?
No, many couples are able to reach a financial settlement without going to court. Options such as mediation, collaborative law, arbitration, private FDR or round table meetings can help resolve matters more efficiently. However, any agreement should usually be formalised in a legally binding court order.
What is a financial remedy order?
A financial remedy order is a court order that formalises the financial arrangements between parties following a divorce or dissolution. It can cover matters such as property division, maintenance, lump sum payments, and pensions. Once approved by the court, it makes the agreement legally binding. These are made either by agreement or following a case determined by a judge.
How are children considered in a financial settlement during divorce?
The welfare of any children is the court’s primary concern when deciding a financial settlement. This includes ensuring that suitable housing, financial support, and day-to-day needs are met. The court will consider who the children live with, their financial needs, and how best to provide stability both now and in the future.
How is property divided in a divorce financial settlement?
Property division will depend on the specific circumstances of the case, including each party’s housing needs, financial resources, and contributions during the marriage or civil partnership. In many cases, the family home is often the most significant asset and decisions will be made to ensure that both parties, and any children, are appropriately housed.
How are pensions treated in a financial settlement on divorce?
Pensions are often one of the most valuable assets in a financial settlement and must be carefully considered. The court may order pension sharing, pension offsetting, or pension attachment, depending on what is fair in the circumstances. The aim is to ensure a balanced outcome for both parties in terms of long-term financial security.
How do individual circumstances affect a financial settlement in divorce?
Every financial settlement is based on the individual circumstances of the parties involved. The court will consider factors such as income, earning capacity, assets, health, the length of the marriage, and contributions made by each party. These circumstances help determine what is fair and appropriate in each case.
