Financial Settlements

When you and your partner/spouse separate and divorce, your assets will need to be divided, which can be a difficult and emotional time for both parties.

Trying to reach a financial agreement can lead to disagreement, as there are many factors to consider, such as income, existing assets, and housing needs. Therefore, it is advisable to seek legal advice as soon as possible to ensure that all agreements are fair, that children are adequately provided for, and that you are fully protected.

Our family law team are highly qualified, experienced legal practitioners who understand that each case is different. That is why we provide tailored, practical advice for every client.

We have a professional portfolio of successful divorce for high-net-worth individuals with complex business and personal assets.

As with the divorce process, we will seek to settle outside of court and use other methods of agreeing on a settlement in the first instance. However, should court action be required to agree to your divorce financial settlement, our expert solicitors can support you every step of the way.

We will seek to settle outside of court and use other methods of agreeing on a settlement in the first instance. However, should court action be required to agree to your financial settlement, our expert solicitors can support you every step of the way.

“Miss Manzoor is indeed a very exceptional solicitor in my opinion. She was my solicitor for my financial proceedings and without her professionalism and expertise I would not have achieved the positive outcome I experienced, as well as being able to raise my head above the water and start my life anew. Throughout the court proceedings Miss Manzoor provided me with positive one-to-one support in order to ensure that I was able to carry on capably with my daily life. Miss Manzoor has proven herself to be a professional solicitor who can devote 100% of her time and support to her client whenever they need help with any of their issues. Thanking you so very much for supporting me throughout such a difficult time in my life.”

– Mr Hamid

Financial settlements FAQ

Does the reason for the divorce affect how the financial settlement is worked out?
Very rarely. In general, any financial settlement should be fair and give priority to the welfare and needs of any children. Behaving badly or committing adultery does not affect this; however, behaviour may affect an agreement over who looks after any children and what contact is allowed.

Extreme behaviour may be taken into account, for example, if one partner’s violence has had a lasting effect on the other. Furthermore, if one partner recklessly or deliberately sabotages the financial position, for example, by spending recklessly or destroying assets, this could also be taken into account.

At what stage in our divorce do we need to agree on a financial settlement?
At any time before or after your divorce, although it is advisable to do so before either partner remarries.
Can a man claim maintenance from his former wife?

There is no reason why a man should not be able to claim maintenance, for example, if the woman is a high earner. A fair settlement should consider the same factors regardless of gender.

Is our divorce settlement affected if one of us remarries or starts cohabiting with a new partner?
If you remarry without reaching a financial settlement with your former spouse, you may lose the right to make any monetary claim against them. However, they will still have the same right to make a financial claim against you as before.
Can I settle any financial claims once and for all when we divorce?
In many cases, yes. For example, a spouse who would have paid maintenance to the other can instead agree to transfer an appropriate lump sum and/or other assets. But, of course, this may not be possible if sufficient assets are not available.

Once a ‘clean break’ agreement of this kind has been approved by court order, neither of you will be able to go back to the court in the future to ask for maintenance or further transfer of assets. This gives both partners a much greater degree of certainty and allows them to disentangle their individual financial affairs completely agreeing a financial settlement that can not be amended or added to in the future.

However, it is not possible to agree to a ‘clean break’ regarding your obligation to provide maintenance for your children.

Can we negotiate a divorce settlement without using lawyers or going to court?
You may be able to negotiate an agreement among yourselves without lawyers. However, if significant assets are involved, it is worth taking legal advice to ensure that your interests are protected.

In any case, once you have reached an agreement, you should ask the court for a consent order.

If it is to be binding, any settlement will require both partners to give full disclosure of their respective circumstances.

How long will it take to sort out a financial settlement?
Reaching a financial settlement is a separate matter. How long this takes depends on your relationship with your spouse and the complexity of your financial affairs.
Who pays the legal fees in a divorce?
While negotiating a financial settlement, you should each have a lawyer, who you are responsible for paying for. However, as part of the settlement, one of you might negotiate that the other should pay part or all of their legal fees.

You can keep your legal fees down by agreeing as much as possible among yourselves. However, costs can mount up if hostile spouses insist on conducting all negotiations through lawyers while arguing over trivial details.

Can business assets be included in a divorce settlement?
Yes. However, a family business is often looked at as something which produces an income – that can be used to provide maintenance – rather than just as an asset to be shared or sold.
How are any assets held overseas treated in a divorce?
Assets held overseas can be considered in the same way as any other assets.
Should I make a new will after a divorce?

Usually yes. When you get divorced, your former spouse is automatically excluded from your will as either a beneficiary or executor (this is not the case if you have merely separated). Unless you draw up a new will, this can have undesired consequences.

For example, your original will might have been drawn upon the assumption that your spouse would take care of the children using the money left to them. With the former spouse excluded from the will, you might now want to arrange an appropriate trust to hold the inheritance for the children.

More broadly, you may want to alter the way assets are shared among the various beneficiaries.

If you want your former spouse to continue to be a beneficiary, you must draw up a new will. In some cases, the financial settlement you agree when you divorce may require one or both of you to make provision in your will for your former spouse and any children. This might be appropriate, for example, if you are paying continuing maintenance.

Radshaw Solicitors are also experienced in will writing, so if you wish to discuss drafting a will, please contact us on 0333 3445 548.

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Radshaw Solicitors Ltd

The Atrium
1 Harefield Road
Uxbridge
UB8 1EX

Telephone

0333 3445 548

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