When an asset falls in value to the point that it is almost worthless, it may be possible to make a negligible value claim under Section 24 of the Taxation of Chargeable Gains Act 1992 . The asset will then be treated as if it had been sold and immediately...
When going through a divorce, how your finances are divided is one of the most crucial issues to resolve for your future. Our expert divorce financial settlement solicitors can guide you towards the best possible outcome for your needs.
Wherever possible, we will seek an amicable financial settlement through negotiation, mediation and other constructive means. However, in those cases where such a settlement is not possible, we can also support you in dealing with court applications for a Financial Order.
The divorce and finances experts at T G Baynes can assist with matters including:
- What happens to the family home in divorce
- Pensions and divorce
- Savings and investments
- Businesses and divorce
- International assets
Contact our divorce financial settlement solicitors in Bexleyheath, Dartford and Orpington
To speak to one of our divorce financial settlement solicitors or to arrange a fixed fee initial consultation, please fill in our simple enquiry form or call 020 8301 7777.
Why work with our divorce financial settlement solicitors?
There are many reasons to choose TG Baynes for divorce financial settlements.
We acknowledge that each person's circumstances are unique and therefore their goals and objectives may differ from one another. That's why our divorce financial settlement solicitors offer customised services that provide you with clear and professional legal advice in what can be a complicated and emotionally challenging situation.
Our experienced staff will handle your case in a compassionate and efficient manner, ensuring that you receive the support you need at all times. Our goal is to promote alternative dispute resolution whenever possible, which can help to reduce conflict and avoid the need for contentious court proceedings.
Our family law team includes members of Resolution, including a Resolution Accredited Specialist. Resolution is a leading national network of legal professionals committed to taking a constructive approach to family law matters, which can be very valuable for financial settlements in divorce.
As a firm, we pride ourselves on our expertise and have been recognised by The Legal 500, a reputable client guide. Additionally, we have been awarded Lexcel accreditation by The Law Society, demonstrating our commitment to the highest standards of client care and practice management.
What is a divorce financial settlement?
Divorce financial settlements are agreements between two parties that outline how assets, debts and other financial obligations will be divided upon the dissolution of a marriage. The objective of a financial settlement is to ensure that both parties are able to move forward with their lives in a fair and equitable manner.
What factors are considered when making a divorce financial settlement?
When determining financial settlements after divorce, there are several factors that must be taken into consideration. These factors may include:
- Property and assets: One of the most important factors in a financial settlement is the division of property and assets. This may include real estate, vehicles, bank accounts, retirement accounts and other assets.
- Debts and liabilities: In addition to dividing assets, the parties must also divide debts and liabilities. This may include mortgages, car loans, credit card debt and other obligations.
- Income and earning potential: The income and earning potential of each party is also taken into consideration. This may include the income of each party at the time of the divorce, as well as their potential for future income.
- Child living arrangements and support: If there are children involved in the divorce, child living arrangements and support may also be a factor in the financial settlement.
- Spousal support: In some cases, one party may be required to pay spousal support to the other party.
Is a divorce settlement legally binding?
Any divorce financial settlement that you make voluntarily with your former spouse will not be legally binding. However, it can be made so by applying to a court for a ‘Consent Order’. Once a Consent Order has been granted, the terms included in the settlement will be legally binding.
Can you get a divorce without a financial settlement?
Yes, the process of legally ending your marriage is entirely separate from that for dividing your finances, so you can get divorced without a financial settlement. However, this is not advised for the reasons set out below i.e. you put yourself at risk of future financial claims from your former spouse.
Is there a time limit for a financial settlement after divorce?
There is no legal time limit for reaching a divorce settlement. It is usually recommended to hold off on finalising the divorce process (i.e. applying for the Final Order) until after your finances have been dealt with.
A very important point to understand is that divorce does not automatically cut the financial tie between you and your former spouse. As such, a person can potentially make a claim against a former spouse’s assets many years after they divorced, unless a court order called a ‘Clean Break Order’ was obtained.
A Clean Break Order legally cuts the financial relationship between two former spouses, preventing future financial claims. This should, therefore, be applied for when the division of finances has been decided.
How long does a divorce financial settlement take?
There is no set time limit for achieving a divorce financial settlement as it will depend on the circumstances. For straightforward situations, it is often possible to agree a settlement in around 6-12 months. However, it can also take substantially longer if there are complex matters to resolve, significant areas of dispute or if you need to apply to a court for a Financial Order.
When in the divorce process should you make a financial settlement?
It is usually sensible to start thinking about the financial settlement as early as possible in the divorce process. Many people will choose to seek specialist legal advice on this before starting their divorce application.
Our approach to divorce financial settlements
At TG Baynes, we understand that every divorce is unique. We take a personalised approach to each case, working closely with our clients to understand their goals and priorities, as well as providing specialised financial advice for divorce settlements. Our goal is to help our clients reach a financial settlement that is fair and equitable.
We begin the process by gathering all relevant financial information, including bank statements, tax returns and pension information. We then work with our clients to identify their priorities and goals for the financial settlement.
Next, we work with the other party and their representation to negotiate a settlement that is fair and reasonable. Our divorce financial settlement solicitors in Bexleyheath, Dartford and Orpington are skilled negotiators and have a proven track record of success in reaching favourable settlements for our clients.
If a financial agreement for divorce cannot be reached through negotiation, we are prepared to represent our clients in court. Our team are experienced in applications for Financial Orders and will do our utmost to protect our clients’ rights and interests.
Speak to our divorce financial settlement solicitors in Bexleyheath, Dartford and Orpington
To speak to one of our divorce financial settlement solicitors or to arrange a fixed fee initial consultation, please fill in our simple enquiry form or call 020 8301 7777.