Separating finances after divorce

You’ve gone through a divorce, and now is the time to talk about money. The part that many people expect to be messy. Of course, it doesn’t have to be and having a qualified solicitor will ensure that the process is as smooth as it can be, but it can be challenging, especially if children are involved.

What is the process?

We have produced a handy process chart to help our clients understand what’s to come. The process will often be done in conjunction with your divorce, but even if it isn’t, it should be all agreed upon within a few months, if both parties are cooperative.

The process will begin with negotiations between the two parties and their solicitors, this will involve a Form E Disclosure (voluntary), which is a form that sets out your financial information and includes the needs of you and any dependents. If the negotiations are successful, a Draft Consent Order will be drawn up, which is the agreement that the court will approve and make legally binding. If both parties can’t agree following negotiations, mediation will be considered until a successful agreement. If the mediation fails, a court process will begin, with a maximum of three hearings.

The priority is children in any case, and generally, child arrangements will be agreed upon separately; however, the needs of any dependents will be considered through the financial settlement process.

Where do I start?

There’s no doubt that the process is daunting, especially after divorce, but it’s essential for you, your ex-spouse and any children involved that it’s completed and executed well. Having an experienced family solicitor will help remove some of the stress. They will ensure that you and your children’s best interests are considered and advise on negotiations and mediation.

What is a clean break consent order?

A clean break is where an agreement is made to divide finances, assets, and other financial factors with no ongoing maintenance or financial ties.

Can additional factors make it more complicated to resolve?

Some things that may cause complications are property, business ownership and pensions. An experienced family solicitor is recommended in these circumstances to ensure your best interests are considered.

If you think you need support with any upcoming financial settlement agreements or you’re about to get married and wish to draw up a prenup, then contact us on 0333 3445 548 or info@radshawsolicitors.com to have an initial consultation