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#DIVORCE FINANCIAL SETTLEMENT FREE#

Existing assets will be valued, and the Court will also consider how earning potential might change in the future for example, if one party has to reduce their working hours to meet their responsibilities as a single carer for their children. This process begins with financial disclosure submitted by both parties to the Court. These include:Ī) Current and future financial assets: The Act states that “the income, earning capacity, property and other financial resources which each of the parties to the marriage has or is likely to have in the foreseeable future” will be considered. If it does, the Act states that the Court must make the needs and welfare of the children the first point of consideration.įollowing this rule, section 25 of the Act sets out a number of matters that the Court may have regard to when exercising its powers in relation to division of assets. This section begins by addressing the most important factor to be considered in a divorce case: whether the case involves dependent children. The basic guidelines the Court will follow when deciding the division of assets in divorce matters are set out in section 25 of the Matrimonial Causes Act 1973. There are many reasons why a couple might not be able to agree on a financial settlement in a divorce, but the next step is always the same: in cases where mediation and negotiation fails, it falls to the Court to reach a resolution.

In other cases, negotiations will not be possible. In these cases, a period of negotiation and financial disclosure between solicitors can be enough to arrive at an accord. Sometimes a financial settlement can be agreed upon without the need for the Courts’ intervention. What is a financial settlement in a divorce context?įinancial settlement is the point in the divorce process at which the division of assets and other financial agreements, including ongoing support, are decided upon and recorded as a binding financial order.

#DIVORCE FINANCIAL SETTLEMENT FREE#

If you require any advice or assistance please make a free enquiry by calling 08, emailing or by completing our Free Online Enquiry Form. The Court’s decision will be made on a case-by-case basis, and only after consideration of a wide variety of influencing factors.Īt Elite Law Solicitors, our experienced family law team can assist you with all aspects of a financial settlement following a divorce or separation. If an application has to be made to the Court to assist with financial settlement in a divorce, the judge will decide the matter having regard to the factors the law requires be taken into account however, that leaves the judge with a wide discretion as to who is entitled to what. The division of assets can often be the most fraught and acrimonious part of the divorce process. Transfers/Assignments of Existing Leases.

Purchases and Sales of Business Premises.

Taking this approach can help to reduce the legal fees incurred on both sides.Īlthough if neither party can reach an agreement, it will be necessary to take the case to court and as such, this will give the court control over the outcome of the settlement. Negotiating a settlement in divorce can be a complex task, but we aim to assist couples in reaching an agreement without having to go to court. Regulations surrounding pensions are very complex and numerous factors can contribute to the outcome of a court settlement, so we will work closely with you to ensure you are properly advised and more likely to achieve the best outcome for your and your family’s future.

The financial contribution made by each partyĪ pension fund is often the second largest asset to be taken into consideration during a divorce settlement, after the marital home.

To reach a divorce financial settlement, the income and assets of both parties must first be quantified and a decision much be made on the future requirements of each individual and any children they may have.įinancial settlements take into account a number of factors, including: Sorting out both immediate and future financial matters can be a daunting process, but we are here to assist you reach an agreement and will work to achieve the best outcome for you and your family. There are a number of financial and property issues which need to be considered following a separation or divorce and Berwins can provide you with expert advice to make the process as simple and painless as possible.