Divorce Settlements - Finances
Our team of experienced Family Lawyers have a wealth of experience dealing with financial settlements during divorce.
We offer a free initial consultation for all new clients. Please contact us to arrange a consultation.
Below is a brief outline of the process for arriving at a financial settlement during a divorce.
How is a Financial Settlement arrived at?
Our experienced Family Lawyers will work on your behalf to negotiate the most favourable settlement achievable for you.
A number of factors are taken into account when negotiating a financial settlement, including:
- What both spouses currently earn
- What both spouses are likely, or have the capacity to earn in the future
- The income requirements of each spouse
- The needs of any children, both financial and otherwise
- How long the couple were married
- The standard of living enjoyed during the marriage
- The contributions that each spouse made to the marriage, both financial and non financial - such as looking after the house or caring for children
- The financial assets of each spouse
Negotiating a Financial Settlement
A settlement can be negotiated out of Court by both parties, with the help of their Lawyers. This is in both parties interests in terms of minimising legal costs and avoiding the need to go to Court.
When an agreement on finances cannot be reached - Going to Court
When a financial settlement cannot be reached by negotiation then an application will be made to the Court. This initiates a three stage process:
Stage 1 - First Directions Appointment (FDA)
Both parties must disclose their financial circumstances to the Court. The Judge checks that all the information required is in place, this may include things such as getting valuations on properties or businesses.
Stage 2 - Financial Dispute Resolution Hearing (FDR)
This is the stage where most cases settle. The Judge will give guidance where there are disputed areas and the parties are then encouraged to negotiate a settlement given this guidance.
Stage 3 - Trial
If a negotiated settlement is not forthcoming, the Judge will hear evidence from both parties and decide what the settlement should be.