How to Reach Financial Settlement
The first step to a settlement is to ensure we have clear and accurate details of the assets of each partner. This process is called disclosure. Before negotiations can start, both partners must make a full and frank disclosure of their financial position.
When we receive all the details of the assets, and agreed their values, we can then open negotiations to reach the best settlement for the client.
We have experience in negotiating financial settlements for our clients and accustomed to dealing with clients with complex financial affairs.
We have cultural awareness in relating to different cultures operate dowries, wedding gifts and jewellary. Our main concern is to ensure that the settlement is reached as quickly as possible.
If you have children, their welfare and wellbeing will be a very important consideration in the financial settlement and this will affect what amount you are entitled to.
In many cases negotiation takes place between the couple and their lawyers. If the other partner is not co-operating, we can make an application to court to resolve a financial dispute and we can make an application to the court.
In divorce, judicial separation or the dissolution of a civil partnership, the court has the power to make a variety of orders. The main orders are including as follows:
- Periodical payments and maintenance
- The transfer of property, where ownership of an asset is transferred to one partner as part of the overall settlement and given to the other;
- The payment of a lump sum; or
- A pension attachment or pension sharing order.
Divorce courts now have the power to divide pensions between spouses and civil partners.
When formulating financial settlements, the law sets out the criteria which must be taken into account. This is a discretionary system and depends on all the circumstances of the case.
The primary consideration of the court is the welfare of any dependent child or children. The courts will also take into account, your income and earning capacity, your savings, your housing needs, your pensions, the duration of the marriage or civil partnership, you are overall contributions, your health and any other circumstances of the case.