How long does a financial settlement take?
The timescale varies depending on the complexity of the finances and whether both parties are able to reach an agreement. Straightforward negotiated settlements are usually completed much sooner than contested court proceedings.
Do I need a financial settlement if we have no children or property?
Yes. Even where there are few assets, a legally binding financial settlement can provide certainty and help prevent future financial claims.
What if my former partner hides assets?
The court expects both parties to provide full and honest financial disclosure. If assets have been deliberately concealed, the court has powers to investigate and may impose penalties.
Can a financial settlement be changed later?
Some aspects of a financial settlement can be varied, particularly ongoing maintenance payments. However, many terms become final once approved by the court.
What is a Clean Break Order?
A Clean Break Order legally ends future financial claims between former spouses or civil partners once the financial settlement has been completed.
Do I need a solicitor if we already agree?
Professional advice is still recommended. A solicitor can prepare a Consent Order that makes your agreement legally binding and helps prevent future financial claims.
Are pensions included in a financial settlement?
Yes. Pensions are often one of the most valuable matrimonial assets and may be divided through a Pension Sharing Order or taken into account when balancing the overall settlement.
What happens to the family home?
The family home may be sold, transferred to one party or retained for a period of time, depending on the financial circumstances and the needs of any children involved.
Is my spouse automatically entitled to half of everything?
Not necessarily. While an equal division may be appropriate in some cases, every financial settlement is based on the individual circumstances of the family rather than a strict 50/50 rule.
How are assets divided in a divorce?
There is no fixed formula for dividing assets. The court considers factors such as each person's financial needs, income, contributions, future earning capacity and the welfare of any children before deciding what is fair.