FINANCIAL SETTLEMENTS
Financial Settlements
It is important to consider entering into a financial settlement, following the breakdown of a marriage and it is therefore important to obtain legal advice from a Solicitor to advise you on a reasonable settlement.
What are the first steps?
The first step following a break down of a marriage is for parties to consider providing financial disclosure of their relevant details, to determine the assets of the marriage.
The starting point for dividing assets is an equal split of capital and income, however there are many issues and factors which the Court will take into consideration before deciding a settlement.
a) Income, earning capacity, property and other financial resources
b) Financial needs, obligations and responsibilities
c) The age of each party and the duration of the marriage
d) Any parties physical or mental health problems
e) Contributions made by each party during the marriage
f) Conduct of the party during the marriage which can, in some circumstances, be taken into consideration.
Clean break Consent Order
A Clean Break Consent Order is an agreement to confirm a financial settlement, pending divorce proceedings. Once the terms of a clean break order are agreed, it means that both parties agree that neither one of them will make any further financial claims against one another.
This is an important agreement to ensure that all matters between parties is finalised, following a divorce.
If an agreement cannot be reached on how best to divide the assets, then Mediation should be considered.
For more information about entering into a clean break consent order, contact me below to arrange a consultation.
Mediation
Mediation provides each party with the opportunity of discussing financial matters and other family issues in the presence of an independent Mediator, to help parties try to reach an agreement without the need for court proceedings.
It is now important for parties to attend Mediation prior to making an application to Court, however there are exemptions which may mean that you do not need to attend.
