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If your relationship has come to an end, preferably you and your ex partner will be able to decide and agree on the financial settlement. You can obtain help and advice through mediation and negotiation. However, if you cannot agree between yourselves, then the court is there to help you.
DS Legal has years of experience assisting both parties come to a fair financial settlement and we can advise on the best route for you.
Factors to be considered for the financial settlement
In considering the financial settlement the following specific factors will be taken into account:
- the income, financial resources and earning capacity of both people now and in the foreseeable future
- the financial responsibilities of each person now and in the foreseeable future
- the standard of living enjoyed by the couple prior to the divorce
- the ages of both people and the length of the marriage
- any physical or mental disability of either person
- the contributions made by each person to the welfare of the family and any contribution made through looking after the home or caring for the family
- the conduct of both people
- the value of any loss of pension that will be caused by the divorce or nullity.
These are the general considerations to be taken into account in any financial settlement after a divorce. There are other points to consider, such as:
- Support for children
- Maintenance for one or other party
- School fees
- Support for a child over the age of 18 but in full time or vocational education
- Safeguarding assets
- Pension entitlements.
Division of assets
Where there are no surplus assets, the courts will look first to the housing need of any parent who looks after the children (where there are children involved). Any additional assets will be fairly apportioned according to the needs of each party and their ability to provide for their needs.
It is understandable that more couples are seeking to safeguard their individual positions by entering into either pre or post-nuptial agreements. These agreements provides a legal agreement as to the division of property or assets should the relationship break down.
Following a recent decision of the Supreme Court, it would appear that where a pre or post nuptial agreement has been entered into, in appropriate circumstances business assets may be divided in accordance with the agreement.
Can we help you?
Here at DS Legal we have vast experience of dealing with all aspects of financial settlements. Please call us now on 01242 517949 or 01792 892 692 and ask to speak to Colleen. Alternatively, please email us on firstname.lastname@example.org. We’re here to help.