Do I have to reach a divorce financial settlement?
It is not absolutely necessary to reach an agreement. However, if you do not reach an agreement, this means your spouse or partner could try and make a financial claim against you in the future. We always recommend that you reach an agreement and have a Consent Order in place, even if you don’t share assets like pensions or savings.
Why does the law make me get a divorce financial settlement?
While some married couples or civil partners earn the same income and contribute equally to household expenses, that isn’t always the case. For example, if one partner has stayed at home to raise the children, they will have contributed less in a financial sense, but will still deserve to share a portion of the assets of the marriage. For this reason, it’s important to agree a financial settlement and have it recorded in a Consent Order.
Do I need a Consent Order if our settlement is amicable?
While it’s always best if you and your spouse or civil partner can reach an amicable agreement, to make your agreement legally binding – you still need to obtain a Consent Order from the court. This is because in the first instance the court has to ensure that the settlement is reasonable, and that one party isn’t being treated unfairly. The Consent Order also ensures that both parties have to keep to their agreement; protecting you from the other party reneging on an agreement
What if we can’t agree a divorce financial settlement?
In cases where you and your spouse or civil partner can’t agree on a fair division of assets or arrangements for continued financial support, our expert lawyers will suggest Mediation, to help you agree a deal. Where this still doesn’t lead to a divorce financial settlement being agreed, you will have to apply to the court to put a settlement in place, which involves assessing factors such as:
- Your respective ages
- Your future earnings potential
- How much property and cash you both own
- Whether you were the breadwinner or a stay-at-home parent
It’s also important to bear in mind that the court will always put the interests of any children first when making a ruling on a divorce financial settlement, as the court will wish to ensure that proper housing and financial support are available to them after their parents divorce.
Will my pension become part of our divorce financial settlement?
All of the assets of a marriage, including money, property and pension funds, have to be taken into account when considering a divorce financial settlement, particularly when one partner has been able to amass a considerable fund, while the other party has very little in the way of a pension – this ensures that all assets are divided fairly.
Why choose Khans Solicitors divorce experts?
Even the most amicable divorces can be fraught with worry and uncertainty; and you both need to be able to carry on with your lives once the marriage has legally ended. Our divorce specialists have the experience and the understanding you need to help you deal with this difficult time in your life and to reach a fair and equitable divorce financial settlement.
Call us now on 020 8553 5995 or contact us online today.