What is a Financial Settlement? By Seetal Missan

Many couples who have recently separated or are considering divorce proceedings, often want to know how to separate or divide their assets.

Many couples can be worried about what will happen to their savings, the martial home and even the arrangements for family pets (yes this does happen).

It is important to be aware that it is best to try and see if an agreement can be reached between parties at the outset, to ty and come to an amicable agreement as soon as possible.

How? Well if a couple has made a neutral decision to separate or divorce then they could discuss a potential financial settlement and then instruct a Solicitor for advice as to the terms of the agreement. This can then  be drafted into a what is known as a clean break consent order.

A clean break consent order is an agreement to confirm a financial settlement and includes the terms of an agreed settlement, which can include the sale of any property, whether it is agreed that one party will receive a lump sum etc.

If an agreement cannot be reached between a couple, the Mediation can be considered. Mediation is where a couple can try to discuss or negotiate a financial settlement with the help of a mediator. This can be effective where both parties are willing to co-operate and be willing to use Mediation to reach an agreement.

If Mediation is unsuitable or ineffective then legal advice should be sought as a Solicitor can then advice you  about making an application to Court.

An Court application can also be made if one party refuses to provide financial disclosure as to their assets, as it is important for parties to consider disclosure prior to agreeing to a financial settlement.

If you require further information with regards to the above, please do not hesitate to contact Seetal Missan on 0115 923 2193.