'With you every step of the way'

Financial Settlement & Financial Orders

This is often the most challenging problem people face when separating or divorcing.

Couples may have built up many assets over the course of their relationship. These can include the family home, rental properties, savings, businesses and pensions. Many couples need advice and guidance in finding ways to divide these assets so as to produce a fair outcome. Our expertise in this area spans decades and covers a very wide range of situations. 

For married couples (the options are more limited for unmarried couples), the financial settlement will typically focus on the following common scenarios:

  • The family home – will this be sold or should one party remain in the property? Is it possible for one party to buy-out the other’s share? Who should pay the mortgage in the meantime?
  • Other properties – Should these be sold and divided or can they be exchanged for a share in the family home?
  • Savings and other assets – Are these to be shared?
  • Pensions – These are often the most valuable asset that a family has accrued. It is possible to obtain a court order to share all or part of the pension pots. Is an expert report needed to calculate a fair pension share? 
  • Businesses – Does a business have a realisable value? What happens if both parties are involved in the business?
  • Incomes – is it necessary for one party to support another? At what stage can the parties achieve financial independence?     

These can be complex issues but we can provide you with the expertise necessary to guide you through the maze. We will always attempt to reach a resolution without the need for contested court proceedings. We are not mediators but will discuss whether mediation might be a good route for you. We are happy to refer to you reputable, local mediators so that you can find out more about the process.

If you chose to reach a financial settlement through solicitors then we will ensure that all communication with the other party is civil and constructive. Our experience tells us that an aggressive approach often increases the worry and conflict that people feel in these situations. 

It can take some time to fully understand a family’s finances, especially where complex assets such as businesses or overseas assets are concerned. Sometimes, these assets are controlled by one party only and the other is unaware of their full value.  We will ensure that you understand the complete picture of your family’s finances before settlement is reached.

Reaching a financial settlement can be an expensive process. We are aware of the need to keep costs proportionate to the assets in the case and will always advise you as to the best way to avoid unnecessary legal costs.

The ultimate aim will be to have your settlement approved by the court and recorded in a ‘consent order’. This will ensure that the settlement is final and binding upon both of you.  

If you want to discuss your financial settlement please contact Dan Bonsall or Hayley King on 0161 434 0600 or info@didsburyfamilylaw.com