Our specialist divorce financial settlement solicitors help clients reach fair, legally binding agreements on dividing assets, property, pensions, and other finances during divorce or dissolution of a civil partnership. Whether your case is relatively simple or involves complex, high-value assets, we provide clear advice that protects your interests and helps to secure your financial future.
A financial settlement, officially known as a financial settlement agreement, is an arrangement between two adults who have agreed to separate legally. It is required when divorcing couples have a number of joint financial assets. The divorce settlement is a fair and equal agreement on splitting the assets. The following assets are included when calculating the financial settlement:
It also covers how you’ll repay debts and organise child maintenance or spousal maintenance payments.
Guidelines for calculating divorce settlements are set out in section 25 of the Matrimonial Causes Act 1973. To reach a fair settlement, you and your spouse must provide details of all your assets. This must be ‘full and frank’ and include all assets held in your sole name and jointly or with any third party. Attempting to hide or conceal assets is not recommended. Once this information has been exchanged, our lawyers will advise you on your entitlements, and you can evaluate your options. These include:
If a settlement cannot be achieved in one of these ways, then we will discuss your court options.
No two divorces or divorce finances are the same. However, common aspects need to be addressed in a typical divorce settlement to determine how your assets will be split. These include both couples’:
Whatever the extent of your wealth, you will need an expert divorce lawyer with the appropriate financial acumen to protect your interests.
Is a financial settlement agreement legally binding?
In order for the agreement to be legally binding, you need to apply for a Consent Order from the Court. A Consent Order is a legally binding document reflecting what you and your former spouse have agreed. The order permanently severs financial ties between spouses, save for any ongoing obligation as stipulated in the consent order, such as spousal maintenance. They also remove any future risk of your former spouse making an application to the court seeking more of your assets.
How is property divided following divorce?
The division of a marital home in a divorce can be a complex issue. In England and Wales, the starting point for the division of assets is equality, but this may be subject to certain exceptions. The court will consider various factors, such as each spouse’s financial needs and contributions, the welfare of any children, and any other relevant circumstances.
How are pensions split in a divorce?
There are three ways pensions can be divided upon divorce: pension sharing, offsetting and pension attachment/earmarking. A good starting point for clients who have initiated divorce proceedings or are planning to is to gather full and up-to-date valuations of all the pensions they and their partner have.
How are business assets treated in the settlement?
A business is considered to be an asset. If you have an interest in a business, then it must be disclosed during the divorce process in the same way as any of your other assets.
How are trusts treated?
A trust is a separate legal entity. Neither spouse owns its assets. However, trusts are not ring-fenced from being included in the matrimonial assets considered for division.
How are inherited assets dealt with?
Various factors are taken into account when deciding how inherited assets are treated, including the value of the inheritance, when it was received, how long the couple have been married, and the financial needs of both parties.
How are international assets treated in divorce?
When dealing with international divorce, the court considers all assets, regardless of where they are located. Both UK and foreign properties, investments, or bank accounts must be disclosed. The courts have the power to make financial orders over international assets. However, enforcing these orders abroad may require additional legal action in the country where the assets are held, depending on local laws and international agreements between the UK and that country.
Divorce settlements have lasting financial consequences, yet many people go through the process without legal advice, risking unfair outcomes that can be difficult and costly to reverse. Financial matters are often the most complex part of a separation, and without expert guidance, individuals may be left vulnerable.
Getting the right legal advice from the outset is essential to securing a fair and financially sound future.
What our clients say
“Updated Review 2024: I have been a client of Sabeena’s for almost 3 years now and she has dealt with a number of matters for me. She has been with me on every step of my journey providing her knowledge and expertise, as well as her support, warmth, compassion and understanding. If you are in need of a family solicitor, look no further, contact Milson Legal Solicitors. You will not regret it – Sabeena will be there to help you, reassure you and guide you, all at a very reasonable cost” Read the 5★ Client Review on Google
“Sabeena, I wanted to take a moment to express my deepest gratitude for the exceptional family law services you provided. Your kindness, compassion, and unwavering dedication truly made a significant difference during this challenging time.
Your around-the-clock support went above and beyond, showing that you genuinely care about your clients. Your expertise and determination not only earned you a perfect 5-star rating but also a 1000/10 in service quality.
You managed to achieve what other law firms deemed impossible, and for that, I am immensely thankful. Your work is a testament to your remarkable skills and the incredible support you provide to your clients.
Your efforts have had a profound impact on my life, and I can’t thank you enough for that. I wholeheartedly recommend Sabeena and her services to anyone in need. With great appreciation and love.” Read the 5★ Client Review on Google
Why choose Milson Legal Solicitors as your divorce financial settlement solicitors?
How our solicitors can help.
Choosing the right solicitor for your divorce financial settlement is important. Each family is unique, and at your initial consultation, we will discuss your circumstances and identify what is most important to you and your desired outcome. We will advise you on the law and how best to achieve your desired outcomes. We must review this if you have a prenuptial or postnuptial agreement. The breadth of experience of our financial settlement solicitors means that we offer the full range of options to obtain your divorce settlement, including:
Whatever forum you choose, you can rest assured that we will negotiate vigorously on your behalf. If the divorce does proceed to court, our highly skilled advocates will represent you robustly, and we have a track record of excellent results for our clients. Call 0113 8730032 or fill in the contact form
For an initial FREE consultation simply complete the form below and we will call you back when it suits you.
29 Harrogate Road, LEEDS,LS7 3PD
0113 8730032
info@milsonfamilysolicitors.com
