There is a wide range of ways in which assets can be divided when you divorce and our divorce solicitors are on hand to help you reach a settlement on which you both agree.
You and your spouse have identical financial claims against each other as a result of your marriage which can be grouped under four headings:
- the sale or transfer of property and other assets
- a lump sum (i.e. capital payment)
- maintenance (i.e. income payment).
The aim in resolving financial matters is to reach an agreement which would be considered fair. In order for any agreement you and your spouse reach to be binding, this needs to be drafted into a court order (called a Consent Order) and the terms approved by the court. It is therefore useful to have the advice of experts who will be able to anticipate what a court will deem to be fair, and that’s where our team of experienced divorce solicitors can help.
In determining what is ‘fair’ the court will consider all the factors of your marriage and all the assets which exist. The court has a specific list of factors it will refer to, contained in Section 25 of the Matrimonial Causes Act 1973. Our divorce solicitors will explain to you which elements will be most relevant to you. Each case is different and not all of the orders listed above may be needed by you.
The courts expect both parties to ‘play fair’ and if this is not the case, in financial matters, the court will step in to set aside a particular transaction or perhaps freeze assets.
Sometimes it is not possible to reach an agreement with your spouse and if this is the case, the court will become actively involved. Ultimately, a Judge will decide how your assets will be divided if you cannot do so. For most people, an agreement can be negotiated without court hearings taking place.
Our divorce solicitors will discuss with you and agree a strategy whether that be mediation, collaborative law, arbitration or lawyer-to-lawyer negotiations.