Finances On Breakdown
Where parties have lived together but have not been married, they do not have the same entitlement to make claims as married couples would have. However, there may be a jointly owned property or other assets or liabilities which the couple has shared, and which need to be dealt with as a result of a breakdown of the relationship.
You may also have questions about the financial provision that can be made for any children of the relationship.
Understanding how financial issues should be resolved following a separation can be complex, as there are a number of factors to take into account. We will discuss with you all of the financial circumstances of your particular case and can assist you to obtain any further information as may be required to enable you to quantify the assets that are available for distribution. We can then advise you as to what is likely to be a fair and reasonable settlement in all of the circumstances.
Negotiation
In the first instance, we will support you in attempting to resolve matters by agreement, outside of the court arena and can assist with negotiation on your behalf with the other party or their representative. We will also provide you with information about alternative options for resolving matters, such as family mediation and can refer you to a local family law mediator if you would wish to address matters in that forum.
If an agreement can be reached, we can help you to turn this into a legally binding arrangement, to ensure certainty for both parties and to protect you from any further financial claims being made in the future.
If you cannot resolve matters by negotiation then we will be able to assist you to make an application to the court in respect of the resolution of financial issues and we will support and guide you through the court process, preparing all relevant documentation on your behalf and arranging for you be represented at court hearings.
Clean Break
If you and your ex-spouse\civil partner wish to be financially independent after your divorce, you may be able to put in place a clean break order. A clean break order will dismiss both parties’ financial claims against each other and prevents either party from making any further financial claim at a later stage.
This type of financial settlement is not suitable for every couple. The court has a duty to consider if a clean break order is fair and reasonable for both parties after their divorce before finalising any financial settlement agreements.
Our highly experienced matrimonial finances team has considerable expertise and experience in dealing with all aspects of clean break orders and financial agreements. To find out more about clean break orders or how our team can help, read more.
Spousal Maintenance & Clean Breaks
Dealing with the financial impact of when a marriage or a civil partnership comes to an end is essential in the separation or divorce process. In some cases, one partner may be obligated to pay maintenance to the other. This part of the financial settlement is known as spousal maintenance and is separate from child maintenance. Spousal maintenance can be agreed upon mutually as part of the financial settlement agreement or decided by the Court if parties cannot reach an agreement on their own.
An alternative to spousal maintenance is something called a clean break, which is when you wish to end all financial ties or claims between you and your ex-spouse once the divorce is finalised. If you put a clean break order in place, it will not be possible for further financial claims to be bought against the other party in the future.
Deciding on which of these options is best for you and your family is not always straightforward. There can often be complex issues to take into consideration. Our specialist matrimonial finances solicitors can offer advice and guidance on the various forms of spousal maintenance and clean break orders including, joint lives maintenance, fixed term maintenance and clean break orders. We can help you understand the legal issues relating to your circumstances and what your options are. To find out more about formalising financial agreements, spousal maintenance or clean break orders and how our matrimonial finances team can help, read more.
Consent Order
A consent order or financial agreement (also known as a financial remedy order) is a legally binding document that sets out the arrangements that separating parties agree upon regarding the financial settlement.
The consent order sets out how all marital assets are to be split, including property, investments, pensions, businesses, etc. and the amount of any maintenance that is to be paid.
It is not always necessary for parties to attend any court hearings, and in most cases can all be submitted online to the court for the Judge to approve. However, it is advisable to speak to a family law solicitor who will ensure the procedure has been followed correctly and provide specific legal advice regarding the circumstances of your matter and your financial agreement.
Tollers specialist family law team has considerable expertise and experience in dealing with financial agreements and consent orders. To find out more about formalising financial agreements or how our matrimonial finances team can help, read more.
Child Maintenance
It is possible for you to make your own arrangements regarding ongoing financial support in the event of a divorce or separation, which can be put in place with the assistance of an online child maintenance calculator. Financial orders can also be imposed on a parent by the government’s Child Maintenance Service (CMS), formerly known as the Child Support Agency (CSA). Whilst it is advisable to find an amicable solution that minimises any conflict, we realise this is not always possible and you may not be fully aware of your rights or obligations.
Our highly experienced family law team can help you understand your rights regarding all child maintenance law matters and financial child support disputes. To find out more about Child Maintenance and Support or how our team can help, read more.
High Net Worth Divorces
Whilst there is no legal definition of what a ‘high net worth’ divorce is, if you or your partner have significant wealth and assets to consider in any financial arrangements, it will need a more complex and considered approach to alleviate any disputes you may be facing. Financial settlements may not be as straightforward and can include several complex issues such as business assets and shareholdings, trusts or inherited assets, special contribution, provision for children – including school fees and child maintenance, properties, offshore assets, spousal maintenance.
Regardless of the complexity of your case, our specialist divorce lawyers have the expertise to guide you through the entire process. We work with several other industry-leading experts such as accountants, financial advisers, surveyors, pension advisers and business valuers. As a team, we will work with you to achieve a financial settlement that is the best possible outcome for you and your family, read more.
Talk to Tollers
We have experience and expertise in advising in relation to all financial issues arising on relationship breakdown including, properties in the UK and abroad, pensions, family business interests, inherited and gifted assets and matrimonial and non-matrimonial debt.
We offer an initial advice meeting for a fixed fee of £100 plus vat and would encourage you to provide us with as much financial information as you are able to, at that first meeting, so that we can give you as full advice as possible as to the likely outcome at the earliest stage of your case. Talk to Tollers today for more information.
