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FINANCIAL SETTLEMENT
As a result of a marriage, the parties involved have potential
financial claims that are invariably addressed in the event
of a marriage breakdown and certainly within proceedings
for a divorce. Claims are possible for spousal maintenance,
division of assets such as savings, in relation to ownership
of a property and with regard to accrued pension benefits.
Maintenance for dependent children can be the subject of
an agreed Court Order but otherwise will be dealt with by
the parties coming to a voluntary agreement or by the Child
Support Agency (which is changing in the future to the Child
Maintenance Enforcement Commission) completing a maintenance
assessment.
There are numerous factors that are required to be considered
in the pursuit of a financial settlement, such as the length
of the marriage, the ages of the parties and their respective
financial needs, obligations and responsibilities. The existence
of dependent children is a major factor. The Law makes it
clear that dependent children are the first consideration.
All the circumstances of a case will have some bearing but
many may carry little weight. The Law states that the overriding
objective in settling the financial claims of spouses is
to achieve fairness between them. Pensions Orders are possible
but only in the context of a divorce. Invariably voluntary
financial disclosure will be made by each party to the other
in the first places. Specialist advice is particularly important
in this area and the Court has options including pension
sharing or pension attachment or there is the option of
off-setting a pensions claim against other matrimonial asset(s).
The Court is vested with a wide discretion in this area
of the Law and this discretion is all about weighing up
the factors in a case and the circumstances generally.
Quite often a financial agreement is reached and normally
the parties will want to get the Court to transform it into
a Consent Order.
Do remember that pre-nuptial and also post-nuptial agreements
are options, before a marriage and following its breakdown
respectively.
Mediation is an option that should be considered whenever
issues or disputes arise regarding financial settlements
or indeed in relation to children.
Achieving a financial settlement will normally take between
three and five months. To obtain an Order from the Divorce
Court confirming the settlement takes approximately two
months. If a settlement cannot be agreed and there have
to be actual financial proceedings these can last between
three and eight months.
Phone 02392 505500 and ask
for Richard Parrott or Chris Mills or their secretaries
to make an appointment or request
a call back
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