One of the key factors in any divorce is the financial settlement that both parties agree. This can depend on a number of factors, including whether you have children and who will be looking after them.
The first thing that you should not is that the behaviour or circumstance that led to the divorce rarely if ever have any impact on the settlement in financial terms. That means, for example, if one partner has been guilty of unreasonable behaviour or adultery, it’s viewed as an irrelevant issue from the standpoint of any financial resolution.
The financial settlement in a divorce doesn’t always need to go to court. Any resolution is about reaching an agreement between both parties, hopefully before the actual divorce papers go through. It is usually only when an agreement can’t be reached that things can have to be taken further. What happens then is that one party will usually make an application to court which can eventually lead to a judge making a decision on the settlement.
There are a number of different aspects which need to be considered when agreeing any financial settlement:
- One of the primary considerations will be providing for any children and their financial well-being and future.
- The financial requirements of both spouses will also be taken into account.
- How long you have been married and your ages may have an impact on the final settlement.
- The amount you and your spouse earn and your potential for earning in the future are also important.
- There are considerations such as pension assets and the standard of living that both parties enjoyed during the marriage that may be factors.
Financial settlement can involve providing maintenance over a certain period, perhaps for a child or children as they are growing up. There is also the option for a clean break settlement where no children are involved and where a one off payment is made by a partner.
Of course, one of the biggest assets in any divorce is usually the family home. This is generally included in the financial settlement.
You may have a situation where one spouse wants to stay in the property. Assuming no children are involved, the value of the home may have to be offset by other assets in the relationship. If there aren’t enough assets to provide an equal or fair division between both parties, the home may have to be sold. When there are children involved, agreements can be made where one partner stays in the home but the other still retains some financial interest in the property.
As most people who have been through a divorce know, things can get complicated when emotions are involved. That’s why it is always important to get the right legal advice as soon as possible. One of the key factors in settling a divorce is keeping the lines of communication open and a good legal team should help keep everything focused.
At Forster Dean we have a dedicated divorce legal team in place who will be able to give you the advice and support you need. We understand that this can be a very difficult time and things can become complicated if children are involved. You’ll get a sympathetic ear along with a no-nonsense approach, with everything explained in jargon free language.
Contact us today to find out how we can help.