How do I address the financial matters within my divorce?

21 Oct How do I address the financial matters within my divorce?

Finance is one of the most difficult issues to be addressed when dealing with divorce. In cases where relationships are relatively amicable there can still be major obstacles to overcome, while in others where it’s become bitter and confrontational things can seem impossible.

Both parties understand an agreement must be achieved at some point and it’s obviously in their interests to work to obtain it. This can be achieved in the most difficult of cases, even if it means lengthy negotiation to arrive at a successful solution.

It’s worth remembering that divorce is not the end of your financial relationship with your partner and in order to move on with separate finances you will need to come up with an agreement about all the assets and liabilities you accrued together as a couple.

This agreement needs to be worked on alongside but separate from any divorce proceedings and will focus on finances within divorce.

Having an agreement legally formalised also comes with the reassurance that both parties know exactly what is expected of them, how finances, property and other items will be divided and how the mortgage, rent and other debts will be shared.

Without this legal security you may find yourself facing financial claims instigated by your ex-partner at any point in the future. Claims that may not only prove to be costly but also particularly trying and difficult emotionally.

So, it’s crucial to protect yourself and the most common form of legally binding document in these circumstances is a Consent Order.

What do I need to do now?

To obtain a Consent Order, you and your ex-partner will need to reach agreement on how you intend dividing assets and responsibilities fairly. This will make it easier and quicker to put in place and have the added benefit of keeping legal costs as low as possible.

Both parties will need legal advice to assist reaching an agreement and drafting the document before it then goes before a Judge for approval. The Court will only approve the order if it is deemed fair to all parties.

If agreement cannot be reached to put a Consent Order in place, because of unusual financial complications or the lack of desire to reach an agreement, you will need to know how to proceed in seeking a settlement which will ultimately be decided by the courts.

At NjP we know just how difficult a divorce can be and that you will need expert advice in understanding the legal process ahead. Our solicitors specialise in family law and during our initial meeting will explain everything you need to know before drawing up the relative documentation for court approval and acting for you during the divorce process.

A legal team committed to delivering the best outcome for you.

For more about how NjP can help you, telephone Telford 01952 618656 or Birmingham 0121 76926996.