Financial Claims on Divorce – Family Law Solicitor in London
At Goodsells Family Law, as specialists in Divorce and Cohabitation, we have many years of experience advising clients on financial matters if their relationship breaks down. We understand the challenges that reaching an agreement on financial issues can present. This can often lead to high levels of stress for all parties, particularly if children are involved.
When you instruct us, you can be sure we will work tirelessly on your behalf to achieve a fair settlement.
How will matrimonial property be divided?
Deciding how assets should be divided when a couple divorces is often complicated. Both parties are required to provide full disclosure of their finances, including savings, investments, pensions and properties that they own or have an interest in. Outstanding debts will also have to be disclosed by the spouses.
Financial disclosure is followed by a period of negotiation. It is important to remember that there are no set rules to determine what a financial settlement should look like and that each party's unique and specific circumstances will be taken into consideration.
The Family Law Courts in England now take an approach that may prioritise a party’s “needs” rather than their “reasonable requirements”, as was previously the case. When deciding what will constitute a fair settlement, consideration will be given to factors such as the following:
- You and your spouse’s assets and finances
- You and your spouse’s current and future needs
- Your respective earnings and earning capacity
- Any foreseeable change in your respective financial circumstances
- Any children you have, their ages and needs
- Your age and that of your spouse
- You and your spouse’s health and any impact this may have on your ability to earn in the future
- The length of the marriage and, possibly, the time you lived together before marriage
Agreeing on a financial settlement
You do not need to go to court to achieve a financial settlement as part of the divorce proceedings – many couples reach an agreement through solicitor negotiation, mediation, collaboration or arbitration. At Goodsells Family Law, we will work to ensure that a workable agreement is reached quickly, avoiding stressful and time-consuming court action wherever possible.
It is important to know that, even if financial matters can be settled out of court, other issues such as child residence and contact will also need to be addressed. If this cannot be achieved amicably, court proceedings may still be necessary.
Cohabitation and finances on relationship breakdown
If you and your ex-partner were not married but had been living together, there is no formal process that you must follow when separating. However, you may need professional advice and support if you and your partner are struggling to agree on crucial issues.
A mediator or solicitor can help you to reach consensus and work through any sticking points, such as a disagreement over who is responsible for any debt owed and who is entitled to your shared home or money in your joint account.
At Goodsells Family Law, we put you and your family’s interests first and that means achieving a fair, quick and effective agreement without the need to go to court. However, if your circumstances are particularly difficult, for example, if your ex-partner is not willing to negotiate, we may recommend making a court claim. In this case, we will provide a clear and strong strategy to achieve the best outcome.
More and more cohabiting couples are entering into Cohabitation Agreements, which put into writing your shared wishes on what should happen to your assets and finances if you separate. These provide clarity and certainty for the future and can help you to avoid costly legal proceedings. We can help you draft a formal agreement or provide advice on whether an agreement drafted by your partner’s solicitor is fair.
Excellent value for money
Our rates are highly competitive, and for straightforward divorces we offer a fixed-fee service. We will always be completely open and honest when it comes to the cost of instructing us. From the outset, we will discuss our fee structure and ensure you are happy to proceed.
Contact our Divorce Solicitor in Clapham, London
To arrange an initial appointment, speak to us today by calling 020 7622 2221 or complete our online enquiry form.