Financial Orders and Financial Settlement
Even after a divorce has been finalised, your ex-partner may return and apply for a financial order against you. Protect yourself and your future with a financial settlement today. Contact us and speak with one of our family solicitors who will help assist you in the right direction to get you started. Our first consultation is free.
What is a financial order?
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A financial order is a legally binding agreement between you and your ex-partner over how your finances are to be split. It deals with things such as share of the property, maintenance, how pensions are to be divided and any debts.
At UK Family Law Solicitors, we advise all clients who have newly instructed us or who are in the process of their divorce; to ensure that they settle their finances. This ensures that both parties are protected from any from future claims and helps to ensure each party get a fair share of assets.
Frequently asked questions by our clients:
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What is a clean break order?
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A clean break order simply cuts all financial ties between you and your ex-partner meaning that neither party will be able to make any future claims against the other party in the future.
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What does a financial order typically include?
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Property;
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Savings;
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Investments;
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Maintenance Payments;
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Pensions;
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Debts and Liabilities.
03
Will I need to attend court?
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This entirely depends on whether you can come to an agreement regarding the split of finances with your ex-partner.
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If the parties can reach an agreement, then a financial settlement can be negotiated between the parties with the assistance of solicitors and without the need of having to go to court.
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However, for parties who cannot reach an agreement – for example, if one party is unresponsive or they request an unreasonable split of assets that is not approved, the court may need to be involved to help reach an agreement.
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Are finances split 50/50?
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This depends. This can be a difficult task to ascertain for certain. The division of assets is based on what is deemed to be fair and reasonable in each case. There are many factors which can affect this such as the length of marriage, financial contributions made by each party and the needs of any children involved.
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How does the Court reach a financial settlement?
The courts will assess how any capital is to be divided and whether income should be shared. They will look at factors such as;
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Length of the marriage
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Income of each individual
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Financial needs of any children
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Assets
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Pensions
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Standard of living the parties were accustomed to during the marriage
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Any financial contributions made by each individual during the marriage.
Contact us today!
Our family law solicitors can help you understand your legal rights and provide you with advice regarding your situation.
Please call our team today and our solicitors will guide you through the financial settlement process and with any queries you may have.