Financial Settlements
DIVORCE FINANCIAL SETTLEMENT SOLICITORS IN READING & HENLEY
A divorce is a difficult time for all those involved and issues relating to shared assets and ongoing financial arrangements are probably one of the most complex aspects of any relationship breakdown. At THP we have experienced divorce financial settlement solicitors in Reading and Henley that you can rely on.
When a marriage ends it is sensible for the couple to formally resolve, once and for all, the outstanding financial matters between them. In England and Wales, even after a divorce is complete, unless and until a spouse remarries, they can still bring a financial claim against their former spouse, potentially many years after the divorce has been finalised, unless a financial settlement has been reached, and enshrined in an Order of the Court by consent. Where matters are agreed, this will be dealt with as a paper (or online) process, and no one need attend Court.
It will give each party the security and certainty of knowing that any financial agreement reached will be binding and enforceable after the divorce.
There are many issues to consider when separating finances on divorce and matters that make matters more complicated include:
If a divorcing couple can reach an agreement on the division of assets and financial provision, they can invite the Court to make a Consent Order, enshrining that agreement. If an agreement cannot be reached, then either party can apply to the Court to have the Court decide upon the terms of and impose a settlement on the parties. This application for a “Financial Remedy” can take several months and a minimum of 2 Court hearings, and it is open to the parties to settle and agree to the terms of a Consent Order at any point.
Where the parties can agree terms of settlement they can be more creative as to the terms of the settlement and Court Order. The Court will not approve and make an Order in the agreed terms if it does not consider that the Order is fair. Left to its own devices, the Court is more limited in terms of what it can Order and impose upon the parties, but Orders can cover:
The welfare of any children under the age of 18 must be the first consideration.
Should there be concerns about the other party disposing of assets before a judgment can be obtained, we are experienced in emergency arrangements to protect assets, such as issuing a freezing injunction.
It is important to note that it is likely that your Will will be invalid after divorce, so divorcing couples should review their Wills or make one if they do not have one.
Remember that if you go through the process of ‘divorce’, and nothing more, then whilst you will be divorced, you could be left exposed for the future. If you do not resolve financial matters during the divorce process, by way of a legally binding Court order, then your claims against each other remain open for income, capital and pensions and either of you may apply to the Court in the future for a financial order.
It is important to formally tie up financial matters between you, and have an agreement enshrined in a Consent Order as if either of you has a change in circumstances, you may find that the other feels differently about how the finances have been divided at the time of the divorce.
In the absence of an Order, unless and until a party remarries, their financial claims against their ex-spouse arising from the marriage remain live, and they could bring a claim for financial relief and claim some of your wealth in future, even many years after you were divorced.
We aim to achieve the best possible result for our clients and settle finance issues without the need to go to Court but where this is not possible, we have a successful track record in taking tough action in Court proceedings. You are in safe hands with our divorce financial settlement solicitors in Reading and Henley.
