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Ways to Settle Finances under Family Law

Ending a marriage legally is a lot of work, and the process can be very time-consuming and stressful for both parties. Disputes over finances, division of assets, and property and child custody all arise. Settling them without any legal help can be difficult, with the chances of one side getting the short end of the stick being high.

Divorce solicitors can assist you in making this process easier and ensure that your rights are being protected and you are getting what you’re entitled to. Here’s how you can settle your finances under the Family Law.

Process of Settling Finances

You need to consider a few things when settling your finances with your spouse or ex. The primary decisions are the division of your home and pensions, if there are any. It is important to consider all assets and sources of income, including businesses, bank accounts, property, stocks, and even rent. Making a list of all the personal belongings you and your partner own, like cars, jewellery, savings, and investments, etc., can be helpful.

The next thing to do is to decide on the way to settle the finances. This could be through informal means like private negotiation and settlement or adopting a formal process by asking for help from the court.

Different Types of Financial Settlements 

When settling finances, couples usually adopt various agreement or settlement techniques to end the dispute. These may include.

Reaching an Agreement

If the number of assets isn’t high and there are no children involved, a couple may mutually agree to just split the assets down the middle, with each person taking half. This might also be the case where one spouse decisively does not want custody of the kids while the other does and the kids don’t object either. Both the parties reach a consensus on their own without any external interference.

Mediation

Mediation usually involves getting a third party or an outsider known as a mediator to arbitrate between the two spouses. This person is usually impartial and helps both of them reach an agreement that both parties can accept. They don’t make any decisions for the couple but just help communicate one’s opinion to the other. A mediator can be someone the couple knows and trusts to be impartial, or even a professional that they hired.

Collaborative Law

In this type of financial settlement, both parties usually hire solicitors to negotiate and agree on their behalf. This settlement system is also informal, with no involvement of the court or the judicial system. If any of the parties threaten to go to court, then the agreement process is terminated, and neither of the parties’ lawyers can represent them in court.

Financial Order

Asking for a financial order is the last resort for a couple to settle. At this point, they have most likely exhausted all other settlement options and have no choice but to ask the court for assistance. This process gives the court the right to decide terms for settlement on behalf of the parties. It means that the court decides the terms of the divorce, division of assets, and child custody terms.

Hiring a Solicitor

After deciding to file for divorce, the first thing you should do is get a competent solicitor to help you with your case. A divorce solicitor can help ease the process of divorce for you and be of assistance in settling finances between you and your former spouse. They can help evaluate the value of all the assets and property that you both own and ensure that you’re being given your due share as ordained by the Family Law.

A solicitor can also help you fight for custody of your children and guide you about certain conditions that you need to meet to get a more favourable ruling by the court. They can take care of all the legal formalities like filling any forms, filing petitions, more. They also negotiate with your ex and their lawyer on your behalf to develop a beneficial agreement for their client.

A consultation with a divorce solicitor can help you understand the legal processes involved in a divorce. They can provide you with the necessary assistance you need when settling finances with your ex. Professional legal experts at Wembley Solicitors are well-versed in partnership disputes, children’s law, family law, and divorce disputes in the UK.

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Written by Isabelle

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