Separation & divorce financial settlements
The financial implications of divorce and separation on your future standard of living are far reaching. Early agreement on financial arrangements will not only help to reduce the emotional impact on all concerned, but also provide long-term financial security.
Our team of divorce lawyers work alongside our in-house chartered financial planners team, Mogers Drewett Financial Planners (MDFP). Together, these legal veterans provide a truly seamless service that takes into account what you need now and what you need to achieve to secure your future.
MDFP are authorised and regulated by the Financial Conduct Authority and include Daniel Gornall, who is one of only 35 specialist financial experts in UK divorce work.
Our financial and legal team combined will work together to enable you to move forward after divorce and separation.
Our divorce financial settlement services
Assessing matrimonial assets
We thoroughly appraise all assets that have been accumulated before, during and after the course of the marriage and pull together all of your financial information. This is called financial disclosure. Both parties must do this, and then exchange the information.
While valuing properties can be relatively straightforward, there are often tax implications that need to be considered when disposing of other assets. It is vital to get expert legal and financial advice to make sure the financial settlement is adequate and fair for both parties to ensure it will be supported by the Court.
Our team has a wealth of knowledge and experience in this area. So we can help you assess the assets available to you, advise in relation to potential liabilities and help you to distribute the assets, ensuring that your individual needs are covered now and in the future.
Dividing matrimonial assets
When considering the division of assets, it is important to understand the legal concepts that the Court can consider, including the needs of both parties now and in the future, and the fairness of the settlement.
Our solicitors and financial planners work together to ensure you understand these concepts and help you evaluate the appropriateness of the division of the assets within possible settlement proposals based on their long-term impact.
Next steps: Get in touch for divorce financial settlement advice
If you need help understanding your divorce financial settlement or are looking for advice and support during negotiations, please contact us on: 0800 533 5349
Meet the team
Frequently asked questions
A financial settlement is a legally binding decision on how you and your partner will divide your assets and wealth when your marriage ends. This can include:
- Rights to property
- Savings
- Shares
- Custody of children – along with any maintenance payments or school fees
- Pensions
Matrimonial assets may include assets that have been accumulated before and during the course of the marriage, including the family home, pensions, investments, businesses and savings.
Without a prenuptial agreement in place, the Court will normally consider a 50/50 split of the matrimonial assets when dealing with a long marriage. With short marriages, capital contributions become more relevant in deciding how assets are divided in a divorce. Age is also an important consideration.
When considering the division of assets, it’s important to have an understanding of the legal concepts of needs, fairness and compensation.
Our combined financial and legal team will evaluate your circumstances advise you on potential problem areas such as:
- Family businesses, including family farms
- Property portfolios
- International assets
- Inherited assets
- Tax considerations
- Pensions
- Substantial contributions to marital assets
- Possible hidden assets
Even when there’s a dispute over assets and finances, you do not necessarily have to go to Court to agree a financial settlement.
Your other options include:
- Resolving the disagreement between yourselves, then seeking legal advice on that agreement
- Negotiating through your solicitors
- Mediation or arbitration through a neutral third party
- Collaborative law services, in which you, your partner and your respective family solicitors fairly resolve disputes in a series of face-to-face meetings
Whichever option you choose, Mogers Drewett divorce financial settlement solicitors in Bath, Wells, Sherborne and Frome can support you with expert legal advice.
Once you reach an agreement, it will need to be formalised into a Consent Order. This will need to be approved by a judge to make it legally binding.
If you and your partner are unable to reach a divorce financial settlement, the Court will decide what is fair and issue a legally binding order.
Their decision on the division of finances is influenced by:
- The needs and welfare of dependent children
- The age of both partners
- How long you have been married, including time spent cohabiting before marriage
- Current and future earning potential
- Current and future financial needs
- Assets or money brought into the marriage by either party
- Family businesses and their value
- Pension provisions, especially if one partner has not worked for a long time
‘Financial disclosure’ is the process by which both parties exchange full details of their financial positions. Both parties have a duty to the Court to give a full, frank, clear and accurate disclosure of all their financials, including income, assets and liabilities, and other relevant circumstances.
