Financial Settlement in Divorce Lawyers in London

 

Supporting You Every Step of the Way

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Our family solicitors have a deep understanding of the complexities and sensitivities involved in family law cases. 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 that your long-term interests are considered at every stage of the process.

 

The importance of mediation in reaching a financial settlement on Divorce

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When going through a divorce, the resolution of financial matters is often a primary concern. We encourage couples to attempt mediation to reach a mutually agreed divorce settlement agreement. Mediation provides a platform for open communication, allowing both parties to discuss and negotiate financial arrangements with the assistance of a trained mediator. If an agreement is reached, we can draft a Consent Order that outlines the agreed-upon terms. This document is then sent to the court and, once endorsed, becomes a legally binding agreement.

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How assets are divided during a Divorce financial settlement

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Divorce financial settlements in the UK involve the division of assets between the divorcing spouses. The process can be complex and will depend on various factors, such as marital assets, the length of the marriage, the financial contributions of each spouse, the needs of any children, and other relevant circumstances. It is essential to seek legal advice from a family lawyer to navigate through the specific details of your case. However, here is a general overview of how financial assets are typically divided in a divorce financial settlement in the UK:

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1. Identifying and Valuing Assets: The first step is to identify all the assets owned by both spouses. This may include properties, bank accounts, investments, pensions, business interests, vehicles, personal belongings, and any other valuable possessions. Once all the assets are identified, their values need to be assessed, which may involve obtaining appraisals or professional valuations.

2. Matrimonial Assets: In the UK, the division of assets is based on the concept of "matrimonial assets," which are the assets acquired or built up during the course of the marriage. In general, these assets will be subject to division between the spouses.

3. Non-Matrimonial Assets: Assets that were acquired before the marriage or received as gifts or inheritances during the marriage might be considered "non-matrimonial assets." While these are typically excluded from an equal split, they may still be relevant to the overall settlement, especially if there are financial needs that cannot be met from the matrimonial assets alone.

4. Consideration of Financial Needs: The court will consider the financial needs of both spouses and any dependent children. Factors such as the earning capacity, health, age, and childcare responsibilities of each spouse will be taken into account.

5. Contributions: The financial and non-financial contributions of each spouse to the marriage will also be considered. This includes contributions to the family income, homemaking, childcare, and supporting the other spouse's career.

6. Fairness: The court aims to achieve a fair settlement and equitable division of assets. This doesn't necessarily mean an equal split, as fairness may require adjusting the division based on the specific circumstances of the case.

7. Child Custody and Maintenance: If there are children involved, arrangements for child custody and maintenance will also be part of the financial settlement.

8. Negotiation and Mediation: In many cases, divorcing couples will attempt to reach a settlement through negotiation or mediation. This allows them to have more control over the outcome, rather than having a judge decide for them.

9. Court Order: If the couple cannot reach a financial agreement through negotiation or mediation, the court may be required to make a ruling on the financial settlement. In such cases, a court order will detail how the assets are to be divided.

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It's important to note that every divorce case is unique, and the division of assets will vary accordingly. Seeking legal advice from a family lawyer is crucial to understand your rights and obligations during the divorce process and to reach a financial settlement.

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Protecting Your Rights and Future​

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If you remarry before a financial order from your previous marriage has been determined, you may lose the right to make financial claims against your former partner. It is crucial to seek legal advice and ensure that your financial settlement is properly documented in a Financial Remedy Order, which provides long-term protection and prevents any future claims.

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The Duration of the Financial Settlement Process​

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The timeline for reaching a financial settlement in divorce can vary depending on the complexity of the case, financial circumstances, and the level of cooperation between the parties involved. On average, the process typically takes between 9 to 12 months. However, it's important to note that each case is unique, and the duration may be longer or shorter based on individual 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 financial settlements process. We understand the intricacies involved in divorce settlements and will provide expert advice tailored to your specific needs. Whether you choose mediation, collaborative law, arbitration, or court proceedings, we will vigorously negotiate on your behalf, always prioritising your best interests.

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Contact our divorce financial settlement solicitors in Hendon, North-West London​

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

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