This is very often the most complex part of relationship breakdowns and is an area that can distress many clients who suddenly find themselves in a situation where a combined income and asset pot is needed now to support two homes and related expenses.
We try to reach a financial settlement with the other side outside of court. This is the most cost effective and amicable resolution. Once a settlement is achieved between the parties then a consent order is drafted according to the terms of the agreement. The draft consent order is then submitted to the court to be finalised. By having the settlement finalised at court it ensures that both parties are bound to the terms and do not break them at a later date.
In situations where it is not possible to reach an agreement, it may be appropriate to make an application to the Court.
When dealing with financial matters there is no presumption that the assets are split 50/50. The court’s first consideration is the needs of the children, then the court will consider other factors such as:
- How old are the parties?
- Do they have any health issues?
- How long were they married?
- What earning capacity do both parties have or what steps should they take to achieve or improve their earning capacity?
- What standard of living did the family have?
- What contributions have they made or will make in the future?
- Who was the homemaker and looked after the children?
- What are each party’s needs?
- What income does each party have?
- Should there be a spousal maintenance order and if so, how much and for how long?
The Court will try and find an outcome that is fair to both parties and to consider whether a clean break is possible.
To contact our family law solicitors, please phone our office on 0207 281 1001. You can also email us at firstname.lastname@example.org.