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Divorce Financial Settlement - What Is It and What Are You Entitled To?

A divorce financial settlement is a process of sorting out matrimonial assets (property, businesses, cash, savings, pensions, vehicles and stocks and shares). When the parties don't settle finances in a divorce by consent, the court makes a financial settlement order. According to divorce law in England and Wales, the financial relationship between ex-spouses isn’t put to an end all until a financial settlement is reached. Here's what you should know about divorce financial settlement, when to apply for it, and what are you entitled to.

Divorce Financial Settlement - What Is It and What Are You Entitled To? - TBW Blog

Why Is Obtaining a Divorce Financial Settlement So Important?
If a financial settlement after divorce is not obtained, both parties retain the right to make financial claims, even years after the divorce.

When to Apply for a Divorce Financial Settlement
You can apply for a divorce financial settlement at any moment during the divorce proceedings or after it has been finalised.

Is It Possible to Reopen a Divorce Financial Settlement?
It is, although this happens on rare occasions. The court will reopen a settlement if new events occur that may affect the original consent order or its basis. The court has set precedents during the cases of Critchell vs Critchell (2015), Vince vs Wyatt (2016) and Barder vs Barder (1987).

Financial Settlement After Divorce – Time Limit
There is no time limit for a financial settlement as long as both parties submit their applications at any point in divorce proceedings. If a financial settlement in divorce is not obtained, there is also no time limit for making financial claims even after the divorce has been finalised.

How to Make a Divorce Financial Settlement Legally Binding?
Apply for a consent order here, then have the court approve it. If a divorce financial settlement is not legally binding, your ex-spouse may make financial claims in the future.

Are Matrimonial Assets Split 50/50 After Divorce?
Not necessarily. Matrimonial assets are split fairly and reaosnably.An equal division is the a starting point, but the court takes several factors into account (such as the housing of minor children and the financial position of both parties) before determining whether matrimonial assets will be split equally or not.

What You Will Get From a Divorce Settlement?
Whatever the court determines is fair. To manage your expectations, get a realistic estimate of what you can expect, and get as close as possible to your ideal settlement, seek the advice of a solicitor.

Financial settlement and divorce go hand-in-hand. Going through a divorce is never easy, but it can be as simple and stress-free as possible. The family team at TBW can provide heartfelt and empathetic support during this turbulent period of your life. We specialise in financial settlements, cohabitation agreements, civil partnerships and pre and post-nuptial agreements. If you want to protect yourself from any future financial claims, contact us right away and we will be in touch as soon as possible.


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