3 Steps to Take to Secure a Financial Settlement on Divorce

As matrimonial solicitors, we know that there are multiple ways to achieve a financial settlement in the event of a divorce or separation. Understandably the process of going through a divorce can be an extremely stressful period in people’s lives. One of the toughest and most complex parts to navigate is a financial settlement, which can often be difficult to reach.

With regard to financial settlements, there are several options. Some separating couples may be able to reach an amicable agreement between themselves, may wish to participate in honest voluntary disclosure through solicitors, or choose to apply to the Court in order to reach a resolution. Here at Vines Legal, we are experts in guiding people through the process of securing financial settlements upon divorce. With that in mind, here are the first 3 steps to take if you’re embarking on the process.

Assess your Financial Situation

The very first step to take in the event of a separation is to thoroughly assess your financial situation, both as a couple and as individuals. Providing things are amicable and communication is honest and open, it can be useful to attempt to build up an accurate assessment of your current state of affairs including a monetary figure outlining what you have, how much you owe, and how this could be split.

Instruct a Solicitor

If you’re able to agree on how your assets will be divided, it’s important to make sure the agreement is legally binding. The best way to ensure this is by allowing a solicitor to draft a financial consent order.  It can then be sent to the Court to be checked by a Judge to ensure that it is fair and reasonable before it is endorsed by them to make it a legally binding Order.

But what happens if you can’t agree? If an agreement cannot be reached in this manner, then it will be necessary to apply to Court to achieve a resolution. As matrimonial solicitors, we always advise that a solicitor is instructed to ensure the best financial settlement for you. Unfortunately, this can be a complex process and will include a variety of considerations including the financial needs of the parties and the needs of any children, the current earnings of both parties, and the contributions that both parties have made to the marriage, both financial and otherwise. With so much to consider, it’s always advised that a solicitor is instructed to keep the process as fast moving, straightforward, and stress free as possible.

Cutting Financial Ties

Many people assume that after a separation or divorce, financial ties between the two parties are immediately broken. However, this isn’t necessarily the case, and financial association can continue unless you request a notice of disassociation from the credit reference agencies. Being financially associated with someone will show up on your credit report, including joint accounts, mortgages, or any other credit such as a loan or joint credit card accounts. To break any link between your credit and your former partner’s, it is advised that you apply for a notice of disassociation after the matrimonial assets have been split and transferred into sole names.

To ensure you achieve the best financial settlement for you in the event of a separation or divorce, contact Vines Legal on 01246 555610 for a FREE initial consultation.