Divorce and Finances

Deciding how your finances will be divided upon divorce or civil partnership dissolution is a difficult matter and often one that raises conflict between separating couples. Decisions over the family home, pensions, savings, investments and businesses – these are all matters that need to be discussed and resolved.

One of the most common questions we get asked about divorce/dissolution and finances is, will I have to go to court? Understandably, the expense and stress of going through such a formal process is daunting to many separating couples, particularly if you have children whom you want to shield from any unnecessary worry and upheaval.

Fortunately, with the right legal advice, there is a good chance you will not need to go to court. We specialise in helping individuals reach amicable but fair financial settlements. We will negotiate with your former spouse or their legal representative and once an agreement is reached, we can assist you with drafting a consent order which – once approved by the court – is legally binding.

If negotiations through correspondence are not successful then we can consider other options such as a referral to mediation, or a meeting with your former spouse and their legal advisor. The very last option will be to make a court application for a financial order, however, in our experience it is rarely necessary to get to this stage.

For expert advice about divorce financial settlements or civil partnership dissolution financial settlements, get in touch with our divorce solicitors in Scunthorpe or Goole. Alternatively, fill in our online enquiry form and a member of our team will be in touch shortly.

How our civil partnership dissolution and divorce solicitors can help you with finances

We can help you sort out all financial matters with your former partner, enabling you to move on with your life as swiftly as possible.

Wherever possible, our aim will be to resolve matters directly through cooperative discussion and negotiation as this is a more cost effective and sensible way of dealing with matters. This is particularly important if there are children involved as court proceedings can often aggravate matters and cause ill feeling.

However, if necessary, our team can assist you with making your application to court. There are several forms required during the court process which we can assist in preparing.

We take a flexible approach to financial matters as we appreciate an application to court is a last resort and often an unplanned expense.

Please get in touch and we can provide you with more information about the different levels of help we can offer you.

Why make a dissolution or divorce financial settlement?

If you do not have complex finances to split with your former partner – no properties, no pensions, savings are a 50/50 split and there is no need for ongoing spousal maintenance – do you need to make a financial settlement? The short answer is yes.

The actual process of ending your divorce or civil partnership is separate to the process of working out your finances (although both are usually done in parallel). The final order that legally ends your marriage or civil partnership does not affect you and your former partner’s financial obligations towards each other. A financial settlement (if agreed out of court) or a financial order made by the court officially severs your financial obligations (this is often referred to as a ‘clean break’).

This means that if you do not make a financial settlement or get a financial order, your former partner could make a financial claim against you in the future. Even if you have few assets that need to be split with your former partner at the time of separation, if you come into money later on, for example, because you get a big pay rise, win the lottery, receive an inheritance, or set up a successful business, the financial settlement protects you from spousal claims. There is no time limit for taking legal action and there have been cases of people being hit with a claim years or even decades after their marriage ended.

What should be included in a financial settlement?

Your financial settlement should cover all your money, property, income, investments, obligations, and financial interests, such as:

  • The family home
  • Other property such as second homes, holiday homes and buy-to-lets
  • Liability for bills, rent, and/or mortgage payments
  • Debts, such as credit card debt and loans
  • Savings
  • Shares and investments
  • Pensions
  • Businesses
  • Personal belongings, such as cars, furniture and pets
  • Child maintenance payments
  • Spousal maintenance payments

How are finances split on divorce or dissolution?

When working out how to arrange your finances, you should focus on what is ‘fair’ for both you and your former partner (otherwise, the court may not allow you to make the agreement legally binding). To work out what is fair, you should take into account various factors such as:

  • Your financial resources and income
  • Your needs and the needs of your children
  • How long you have been married or in a civil partnership
  • Your ages
  • Your contributions to the relationship (both financial and non-financial)
  • Whether either of you will lose any benefits, such as pension entitlements
  • Any physical or mental disability

The starting point should be a 50-50 split. However, it is common for couples to agree that an uneven split such as 60-40 or 70-30 is fairer. For example, if one partner was the main earner for the family while the other left their career to raise the children.

Why choose our divorce and civil partnership dissolution solicitors?

We are proud to serve individuals and families across Lincolnshire and East Yorkshire. We have a dedicated team family law solicitors who have decades of combined experience helping people through challenging relationship breakdowns. Our aim is to help you achieve a positive solution as swiftly and cost-effectively as possible so you can get on with your life feeling confident and financially secure.

We are members of the Law Society Family Law Accreditation scheme for our skills in the area of family law. We are also members of the Family Law Advanced Accreditation scheme for our specialist expertise in complex family law matters, such as those involving high value assets and international property. Among our team of family lawyers, Joanne Harriman is an accredited Family Law Advanced specialist.

Joanne Harriman and Yasmin Akhtar are members of Resolution, an organisation of family law professionals who dedicate their careers to helping families find constructive resolutions to their issues, avoiding costly, lengthy and stressful court proceedings wherever possible.

Get in touch with our civil partnership dissolution and divorce lawyers in Scunthorpe and Goole

For expert advice about divorce financial settlements or civil partnership dissolution financial settlements, get in touch with our divorce solicitors in Scunthorpe or Goole. Alternatively, fill in our online enquiry form and a member of our team will be in touch shortly.