Finances

Where a relationship breaks down, a crucial aspect of a settlement involves separating joint assets and finances. Here at Oliver Fisher Solicitors, we understand how crucial financial settlements are in providing stability, particularly when children are involved. Our team of expert family lawyers are ready to assist you in obtaining the right financial settlement for you, with the minimum stress. 

Division of capital

The courts must consider the following factors when determining financial settlements:

• The welfare of any children of the family
• The parties’ income, earning capacity and available capital
• The financial needs and obligations of each party
• The duration of the marriage, and the standard of living enjoyed by the family during the course of the marriage
• The parties’ ages, and any disability, physical or mental
• The contributions made by each party to the welfare of the family, financial or in kind
• The conduct of each of the parties (if related to the finances)
• What each party stands to lose by virtue of the divorce (i.e., pension provision).

The courts will aim to achieve fairness, and will only deviate from equality where there is reason to do so. A key and decisive factor is often reasonable needs (especially housing) of the spouse who has the care of the children on a daily basis. Pre-marital assets and post-marital accrual (where relevant) may be considered where the marital assets are not sufficient to meet both parties’ needs.

Financial arrangements

It is important to understand your options before deciding how to deal with financial arrangements between you and your spouse. Each of you has the right to make financial claims against the other by applying to the court for orders on any or all of the following:

• Spousal maintenance
• Adjustment of Property Orders
• Lump Sum Orders
• Pension Sharing Orders

These rights will continue to exist even after your divorce is made final unless there is a court order. A spouse will loose these rights if they remarry without making a formal application to the court.

Financial disclosure

Both parties have an absolute duty to each other and to the court to fully disclose their financial position (including any significant changes during proceedings).

Financial agreement vs consent order

Any financial agreement reached by you and your spouse will only be binding when it has been approved by the courts. A solicitor can help you to prepare the required papers, setting out your agreed financial arrangements and summarising your respective financial circumstances, to be sent to a judge for consideration. You should not make any substantial payments of money (other than perhaps regular maintenance payments), nor carry out any transfers of property, until a consent order has been sealed by the courts. Where neither spouse wants to make any claim against the other, it is still best for an agreed application to be made by consent for the respective claims to be dismissed.