Financial Settlement
Reaching a financial settlement is often the most difficult issue to resolve when a marriage breaks down. The settlement reached can determine your long term financial position.
What if we have reached a settlement ourselves?
You can enter into a Consent Order or a Separation Agreement
1. Consent Order
Used when the divorce has started. The financial agreement is drafted into a Consent Order which is sent to the court after Decree Nisi of divorce has been granted. If the Judge is happy with the order, the agreement will become a legally binding Court Order.
2. Separation Agreement
If you have separated but are not ready to make the decision to divorce, or wish to wait until you have been separated for two years, the financial agreement can be contained in a Separation Agreement. It is important that certain requirements are met to ensure the agreement is binding and cannot be challenged. Therefore we strongly recommend that legal advice is taken to minimise the chances that the agreement will be overturned.
What if we cannot reach an agreement?
Even if parties try to reach an agreement, sometimes there are issues that cannot be agreed. There are various ways to try and resolve the dispute such as mediation, the collaborative process or negotiations through solicitors. However, some situations need court proceedings before a settlement can be reached. If court proceedings are required, the divorce will need to be started.
At any point during the court process the parties can come to an agreement and record the agreement in a Consent Order.
Our solicitors try to resolve financial matters as amicably as possible, and where court proceedings are needed we advise and assist throughout.