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Finances on Divorce
We aim to minimise the pain of divorce and separation and the emotional and financial costs.
Finances on Divorce Solicitors South Manchester & Cheshire
Financial issues on divorce are often the most challenging to resolve.
It is essential that before you make any decisions, you contact us so that we can give you sound practical advice about the various options available. We have the experience that you need with regard to financial issues on divorce to help you.
We will advise you about what financial information and documents you need to provide, the procedure if you are unable to reach an out of court settlement, and the likely outcome of a contested case and the costs involved. We will assist you in negotiations for a financial settlement and provide mediation support if necessary. If these are unsuccessful, we can apply to the court for appropriate orders to decide on:
Disputes over finances can be expensive, we can provide you with details of our fees at every stage to enable you to make appropriate decisions and save on costs.
What is full and frank disclosure?
Each party needs to disclose all of their income, assets, pensions and liabilities. They need to be open and honest about their financial situation. It is only when their income and assets have been disclosed and if need be valuations obtained with regard to properties and pensions that a settlement can be negotiated or an order made by the court.
What is a clean break?
A clean break settlement means that the parties will have no financial ties once the order has been implemented and will not be able to make any claims upon the estate of the other upon death.
FAQs
Do I need a Court order to record a financial agreement?
It is essential that your financial settlement is recorded in a court order, otherwise financial claims can be made many years after the divorce. There is no time limit.
It is only with a court order that you can achieve finality. Even if you remarry your ex-spouse can still apply for a pension sharing order if no order has been made.
How long does it take to obtain a Financial order?
If you and your spouse can reach an agreement then the court can make an order after the Decree Nisi, but it will not take effect until the Decree Absolute. Consent orders can now be submitted to the Court online and if approved, can be made within a matter of weeks.
If you cannot reach an agreement, then you have to make an application to the court, then this can take up to 18 months before matters are resolved by way of a court order.