Clare Wiseman
Head of Family Law
Divorce Financial Settlement Solicitors
Once you've taken the decision to divorce, untangling your shared finances and assets can feel daunting.
But getting a satisfactory financial settlement is an important part of securing your future.
What does a financial divorce settlement include?
You can reach a financial settlement through negotiation or, if you are unable to do so, the matter will be determined by the court. Either way, the terms will be incorporated into a legally binding court order.
The terms of a financial consent order can include:
- Property
- Savings
- Shares
- Business assets
- Personal items (also known as Chattels)
- Pensions
- Any international assets
- Liabilities for debts
- Spousal maintenance
- Payments for children such as maintenance payments, school fees etc.
With so much to consider, you need to have the best legal expertise on your side. Our nationally renowned solicitors have decades of experience, working in the highest courts, changing laws and setting new precedents. We offer a personal service, ensuring you're completely in the know and supported every step of the way.
Why get a financial settlement?
A divorce can be finalised without a financial settlement, but they help to protect you from future claims.
For example, if you later get a much higher-paying job or inherit some money, your former partner could claim a share if a financial settlement has not been reached. Disputes could also arise over shared assets – for instance, if one of you wants to sell a house and the other doesn’t, or one of you doesn’t think the sale price is fair.
The clarity provided by a financial settlement allows both you and your partner to move on with a secure footing.
How long does it take to get a financial statement?
How long financial settlements take to agree depends on:
- Your unique circumstances
- The process you choose to use
- Whether your partner is co-operative.
Out-of-court settlements are often quicker because you do not need to wait for court hearing dates etc. We offer many services to help you agree your divorce without going to court.
We have one of the UK's first arbitration lawyers, and we also offer mediation, negotiation and collaborative divorce services.
These out-of-court divorce processes can frequently finalise a divorce within 7-12 months. If you must go to court, the timeframe could be anything from seven months to two years.
Asset division in divorce
In England and Wales, assets in a divorce will commonly be automatically split 50/50. This will start with the martial assets.
The needs of both people involved, as well as any children under 18, are the overriding factors when dividing assets during a divorce.
Other factors that will be considered include:
- Length of marriage - longer marriages will usually result in more equal splits
- Financial resources - this includes current and future income, as well as earning potential and pension values
- Contributions - includes both financial and non-financial contributions (raising children etc)
- Standard of living - the lifestyle you enjoyed during the marriage.
How to reach a financial divorce settlement?
There are several steps to reaching a financial divorce settlement:
- Financial disclosure - here you and your partner must be honest about your assets, income, and debts.
- Identifying matrimonial assets - these are assets you both built up during the marriage, which can include things like your home, joint accounts, and pensions.
- Determine needs - this is where the needs of you and your partner, along with any children under 18, are considered.
- Negotiation and mediation - you and your partner will enter negotiations to try to reach an agreement, which is to help avoid a costly court case. Mediation can also be tried at this point.
- Formalise your agreement - here, you will get a consent order from the court, making your agreement legally binding.
Speak to our experts
We have the largest private client team in the UK; our team of experts are here to provide discreet legal advice to support you and your family.
How can Irwin Mitchell help with a financial settlement in divorce?
A one-size-fits-all approach doesn’t work when defining a financial settlement. We'll look at your finances and lifestyle and ensure you get the best outcome possible. A range of factors are taken into account when deciding the terms, including:
- You and your partner's assets and finances
- You and your partner’s current and future needs
- Each of your earnings and earning capacity
- The standard of living during the marriage
- Whether there is any foreseeable change in your or your partner's finances
- Whether you have children, and if so, their ages and needs
- The age of you and your partner
- Both parties’ health, and whether this will affect your future abilities to earn
- The length of your marriage – including any time spent living together before you got married.
You do not necessarily need to go to court to reach a financial settlement – you could agree an outcome with your partner through negotiation, arbitration, mediation or collaboration. Our family law team includes trained mediators and arbitrators, who can help you get a quick resolution.
However, it is worth noting, that even if you agree a financial settlement out of court, you may need to take other issues, such as childcare, before a judge.
Mediation Support Service – 30-Minute Consultation
Mediation is a cost-effective and less confrontational way of resolving any disputes you and your ex-partner are facing.
Working with a trained mediator, you’ll be able to discuss issues such as child arrangements and finances in a neutral and calm setting.
Many clients find mediation useful as it makes sure their voice is heard without confrontation.
We work with you to ensure you understand the process and feel comfortable with every decision. It’s important to work with experts whom you trust, and who have the knowledge and experience to secure you the best possible result.
Expert Anna Chenoweth discusses managing financial arrangements in divorce
We’re here to help
Complete our enquiry form and one of our experts will contact you by the next working day.
Alternatively, you can call us now.
Our opening hours are Monday to Friday 8am to 6pm (Excluding Public Holidays).
0370 1500 100
Our Cross-Team Approach
We can refer you to other experts in the firm, ensuring all affected areas of your life are looked after during a divorce.Making an enquiry
We have several ways you can contact us, either by completing our online contact form, by phone, or using our live chat. If you start your journey online, here are the first steps to working together.
Complete our online formWe need a few details to understand your situation and the kind of support you need.
We’ll contact you by phoneOn the call our experts will ask you a few more questions to make sure we connect you with the right legal advice from our team.
We arrange a full appointmentIf we’re able to support you further, the next step is an appointment with one of our specialists so we can discuss everything in more detail.
Frequently asked questions about financial divorce settlements
There are no predefined answers as to who gets what in a divorce settlement. The laws around financial settlements in divorces are designed purposely to allow for settlements to be agreed on an individual basis. This makes sure the final settlement is fair to both you and your partner, which doesn’t always mean assets will be split exactly in half.
Financial settlements in divorces focus more on ensuring that both you and your partner can be as financially independent of each other as possible after separating.
To get an idea of what you could be entitled to in a financial settlement, contact our solicitors today. Once we know a little more about your situation, we’ll be able to advise you on what your settlement could look like.
Our commitment to you
Our experts always start by listening, so we understand what matters most from day one.- 01Clear legal guidance
You will always get straightforward, honest advice, with regular updates to keep you clear on the way forward.
- 02Specialist knowledge
A wide-ranging team of trusted specialists who understand what it takes to protect your future, your family or your business.
- 03Your needs first
Whether you’re navigating complex personal situations or business decisions, we take the time to understand your world and what’s at stake.
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