Financial Settlement Divorce
Have you wondered what would happen in relation to the assets of the marriage if you were to divorce your spouse? For instance, what would happen to the family home, would you be able to stay living there or would it have to be sold and if so, how will the proceeds be divided and how would other savings, investments and pensions be taken into consideration? It is important that you obtain legal advice when life changing decisions are to be made and at the earliest opportunity.
There are a number of factors that will be relevant to the division of your assets, including your age, how long you have been married, your financial resources and those of your spouse, your earning potential, standard of living and needs. The needs of any dependent children will be the first consideration, to ensure that they are securely housed and with their resident parent having the resources to adequately provide for them.
The ambition is to achieve a division of the assets that is fair to both spouses, but there can be creative solutions particularly in meeting needs. Our expert advice will also consider the nature of the assets and whether they should be subject to division, depending on when they were accumulated and how they were used within the marriage.
Our specialist team can advise you on all aspects of the financial process, providing clear and relevant advice that will enable you to negotiate with your spouse in confidence, to secure the best outcome. If you have reached an agreement with your spouse then we will guide you in ensuring that the agreement is formalised as part of your divorce, with a consent order approved by the Family Court.
If the financial issues are not agreed then we do support forms of dispute resolution, including mediation. We will consider what resources are available to try and resolve your dispute amicably, supporting you through the chosen process.
Ultimately, if the financial issues cannot be agreed and Court proceedings are necessary, our experienced family team can guide you every step of the way to ensure that the best settlement possible can be achieved for you.
Whether your assets are modest or considerable, our matrimonial team has the experience and expertise to assist you.
How can we help you today?
FAQ
How is the financial settlement determined during a divorce?
The financial settlement during a divorce is determined through a process of negotiation, mediation, or court proceedings. The settlement takes into account the financial assets and liabilities of both parties, as well as the needs and circumstances of each party.
What are the factors considered when determining the financial settlement?
The factors considered when determining the financial settlement include the income, earning capacity, property, and other financial resources of each party, the financial needs and obligations of each party, the length of the marriage, the standard of living during the marriage, and any other relevant factors.
How is property divided in a divorce?
The division of property in a divorce can vary depending on the laws of the state where the divorce takes place. Some states follow the principles of community property, which means that property acquired during the marriage is divided equally between the parties. Other states follow the principles of equitable distribution, which means that the property is divided in a way that the court deems fair and just.
What happens to the family home in a divorce?
The family home can be sold or one party can buy out the other party’s share. Alternatively, one party may be granted the right to live in the home until certain conditions are met. The court will consider the best interests of the parties and the children when making a decision.
How is spousal support determined in a divorce?
The determination of spousal support in a divorce can vary depending on the laws of the state where the divorce takes place. Generally, the court will consider the income, earning capacity, and financial resources of each party, as well as the length of the marriage, the standard of living during the marriage, and the needs and circumstances of each party.
Can a prenuptial agreement affect the financial settlement in a divorce?
Yes, a prenuptial agreement can affect the financial settlement in a divorce. If the prenuptial agreement is legally binding, the court will generally honour the terms of the agreement.
Are there any tax implications associated with the financial settlement in a divorce?
Yes, there are tax implications associated with the financial settlement in a divorce. For example, the transfer of property in a divorce is generally not considered a taxable event, but alimony payments are considered taxable income for the recipient and tax-deductible for the payer. It’s important to consult a tax professional to understand the tax implications of your financial settlement.
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Paul Robinson Solicitors is a thriving independent law firm committed to providing exceptional service to clients nationwide, with offices situated throughout London and Essex.
Established in 1983, the firm has steadily expanded over the past 35 years, offering an extensive range of legal services to both personal and commercial clients. The team of highly experienced and skilled solicitors specialises in various fields and is dedicated to providing an outstanding level of service to achieve positive outcomes for their clients. The firm’s cutting-edge technology and efficient systems, together with its support and managerial staff, ensure maximum efficiency, accuracy, and cost-effectiveness.
