Financial Settlement in Divorce Lawyers in London

 

Supporting You Every Step of the Way

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At Evalen Law, our family solicitors have a deep understanding of the complexities and sensitivities involved in family law matters. We prioritise your best interests and aim to provide a personalised service that supports you through this difficult time. As members of Resolution, we are committed to working in a constructive and effective manner, ensuring your long-term interests are considered at every stage of the process. You can rely on our expertise to guide you with care, professionalism, and compassion through what can often be a challenging period.

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The Importance of Mediation in Reaching a Financial Settlement in Divorce

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Divorce often brings about financial concerns, and resolving these matters is typically a primary focus. We encourage couples to attempt mediation as a way to reach a mutually agreed divorce settlement. Mediation provides a platform for both parties to openly discuss and negotiate financial arrangements with the assistance of an impartial, trained mediator. If an agreement is reached, we can help draft a Consent Order, which outlines the terms agreed upon. This is then submitted to the court for approval, and once endorsed, it becomes a legally binding order.

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How Assets are Divided During a Divorce Financial Settlement

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The division of assets during a divorce can be complex, and there are a number of factors that influence the outcome. The court considers various aspects, including the length of the marriage, the financial contributions of each spouse, the needs of any children, and any other relevant circumstances. It's essential to seek legal advice to understand how the specifics of your case will be handled. Below is a general overview of the financial settlement process in divorce cases:

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Identifying and Valuing Assets

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The first step in the process is identifying all assets owned by both parties. This includes properties, bank accounts, pensions, business interests, vehicles, personal belongings, and any other valuable assets. The value of these assets will be assessed, which may require obtaining independent valuations or expert appraisals.

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Matrimonial Assets

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In the UK, the division of assets is primarily based on matrimonial assets, which are assets acquired or built up during the marriage. These assets are generally divided equally unless there are circumstances that justify a different approach.

 

Non-Matrimonial Assets

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Assets acquired before the marriage or received as gifts or inheritances during the marriage are considered non-matrimonial assets. These are generally excluded from the equal division but may still be relevant to the overall settlement, particularly if the matrimonial assets alone cannot meet the financial needs of the parties.

 

Consideration of Financial Needs

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The court will take into account the financial needs of both spouses and any dependent children. Factors such as earning capacity, health, age, and childcare responsibilities are considered in determining a fair settlement.

 

Contributions

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Both financial and non-financial contributions to the marriage, such as homemaking and caring for children, will be taken into consideration. The court will assess the contributions made by each spouse to the marriage and how those contributions have impacted the marriage’s overall finances.

 

Fairness

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The goal of the court is to achieve a fair division of assets. This does not necessarily mean an equal split, but rather an equitable division based on the unique circumstances of your case.

 

Child Custody and Maintenance

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If there are children involved, arrangements for child custody and maintenance will also be part of the financial settlement. The welfare of the child is always the court’s primary concern.

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Negotiation and Mediation

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In many cases, couples are able to reach a settlement through negotiation or mediation. This allows both parties to have greater control over the outcome, as opposed to leaving the decision to the court. If the mediation is successful, we can help formalise the agreement into a legally binding Consent Order.

 

Court Order

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If an agreement cannot be reached through mediation or negotiation, the court will intervene. A court order will determine how the assets are to be divided and may also include arrangements for maintenance, pensions, and other financial matters.

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Protecting Your Rights and Future

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It is important to note that remarrying before a financial settlement has been agreed upon may affect your ability to make future financial claims against your former spouse. This is why it is critical to ensure that your financial settlement is properly documented in a Financial Remedy Order, which offers long-term protection and prevents any future claims. Our solicitors will ensure that your financial arrangements are properly formalised and legally protected.

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The Duration of the Financial Settlement Process

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The timeline for reaching a financial settlement in divorce cases can vary significantly based on the complexity of the case, the financial situation of both parties, and how cooperative both spouses are during the negotiation process. On average, the process can take between 9 to 12 months. However, each case is unique, and the duration could be longer or shorter depending on your specific circumstances.

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How We Can Help You During Your Divorce Settlement

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Our experienced team of divorce solicitors in North-West London is here to guide you through the divorce settlement process with care and expertise. We understand the intricacies involved in the division of assets and the sensitive nature of divorce settlements. Whether you prefer mediation, collaborative law, arbitration, or court proceedings, we will represent your interests and negotiate on your behalf to achieve the best possible outcome.

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Contact Our Divorce Financial Settlement Solicitors in Hendon, North-West London

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If you need assistance with your divorce financial settlement, don’t hesitate to contact our dedicated team of solicitors. We offer a supportive and empathetic approach, ensuring that your concerns are heard and that your interests are protected throughout the process. Contact us today to schedule a consultation and take the first step towards achieving a fair and equitable financial settlement.

 

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