Divorce is an incredibly stressful procedure, the emotional stress of a divorce is one of the highest levels that most people may experience, and this is before any issues occur with trying to resolve financial disputes.
Typically, many financial disputes can be resolved amicably, with both parties agreeing to divide goods equally for the benefit of their children. This is preferable and many solicitors will try to encourage this type of resolution, as it is more beneficial for any children that may be involved. At Coyle White Devine, our solicitors in Amersham are members of Resolution and will always attempt this solution first and will be able to draw up a Consent Order.
How financial agreements may be formulated
During a divorce, there are many ways a financial agreement may be formulated by you, your partner and your solicitor, so don’t worry if the first attempt at resolution fails.
If you and your partner do not have a prenuptial or postnuptial agreement to work from, under English law, our family law solicitors in Amersham will aim to divide all assets with an equal 50/50 split. However, while this may be a good starting point, it is often contested and it may not be suitable if one spouse has more financial needs than the other, such as raising children.
When these types of resolutions fail and you and your partner cannot agree on the division of assets, we will advise and help you pursue a Financial Order through the courts. This is a last resort when all other types of negotiations have failed and should only be undertaken in extreme instances of disagreement. Our solicitors will try to avoid putting you and your partner through this procedure and will always aim for an earlier type of resolution.
In basic terms, this means that a divorce court will assess the needs of both you and your partner and will decide on how to divide the assets between you. Typically, the courts will consider many factors when arriving at this conclusion, including how long you have been married, your age, your ability to earn, ages of any children, property and money and your living expenses each month. They will also assess your underlying role in the marriage; were you the primary carer for your children or were you the breadwinner?
If you were the higher earner in your marriage, the court may order you to pay monthly maintenance costs to help with your former partner’s living arrangements. This may be set for a limited time or until one of you passes away.
If you have children, the court may also decide you need to pay child maintenance costs, but this is usually decided through the Child Maintenance Service.