Financial Settlement Divorce Solicitors York, Wetherby & Malton
A financial settlement is an agreement between divorcing partners which details how finances, property and other assets will be divided. It is imperative that you have a legally binding financial settlement in place to prevent your former spouse from making any future financial claims against you.
For legal assistance with setting up a financial settlement, do not delay and speak with one of our divorce lawyers today by completing the online enquiry form.
What is the legal process for financial settlement?
Hopefully, you will be able to reach an agreement with your partner. Mediation can help to facilitate discussion and achieve a mutually agreeable settlement. However, if you are unable to come to an agreement, you can ask a court to decide how assets should be split.
Once you have made an agreement, you should draft a consent order – a legal document which sets out your agreement – and have it approved by a court. Approval will only be given if the judge thinks your agreement is fair; if not, you could be asked to change it. Without court approval, your financial settlement will not be legally binding, and this leaves you at risk of a later claim.
What do I need to provide?
Both parties will need to provide exact details about their income, future income, assets and pensions. Businesses and investment portfolios may need to be valued as part of the process. You will make a written sworn statement about your income and financial requirements, and you must complete this accurately.
When should I make a financial settlement?
Spouses may come to a financial settlement months, or even years, after they have divorced. Nevertheless, we strongly advise you to have a financial settlement in place by the time your divorce is finalised. A divorce does not end your financial obligations to your ex, nor theirs to you. Until you have a legally binding financial settlement in place, either partner can make a financial claim against the other.
What factors are considered in a financial settlement?
What a court deems as a fair settlement will be influenced by many factors, such as the length of the marriage, each party’s age and their earning capacity. Spouses’ contributions to the household are considered, whether as the primary breadwinner or a stay-at-home parent.
If parties have a prenuptial agreement in place, a court will seek to uphold it, so long as it is valid. It must also reflect the current circumstances of your marriage – what was previously considered a fair settlement may seem less reasonable following the birth of a child or a considerable pay rise. An existing prenuptial agreement does not prevent you from asking for a different settlement from the court.
Remember, what you feel would be a fair outcome may not be the legal outcome. The reasons for a divorce do not usually affect the financial settlement as its focus is practical and not emotional.
Contact our Financial Settlement Divorce Lawyers in Yorkshire
A knowledgeable family lawyer is invaluable in obtaining a fair financial settlement. Our understanding and empathetic team can support you through the process of securing your future finances, so that you and your family can move forward with confidence.
To find out more about financial settlements and how we can help you, call us today on 01904 716000 (York) or 01937 583210 (Wetherby) or 01653 692247 (Malton), or complete our online enquiry form and we will get back to you right away.