Divorce and financial settlement

  • Introduction

  • What is financial settlement?

  • What are you entitled to?

  • Factors considered during a split of assets

  • How is a divorce settlement reached?

  • Implications of not obtaining a financial asset

  • Osbourne Pinner

Getting a divorce

You’re eligible to apply for a divorce if you meet all of the following requirements:

  • Married for at least a year

  • Permanently broken down relationship

  • Your marriage is legally recognized in the UK

  • The UK is either yours or your spouse’s permanent home

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What is financial settlement?

A financial settlement is an agreement on dividing financial assets and other agreements fair & square once the marriage is over. The process of separation of assets and agreements can start at any stage of your divorce. And once agreed upon, it is wise to make it legally binding by asking your solicitor to work on a consent order. The document will then have to be approved by the judge after the decree nisi has been announced. It ensures that no further financial claims are made later. Although in England & Wales, you can ask for a financial settlement even after the divorce is settled if one wasn’t discussed before.

What are you entitled to?

Your entitlement in a divorce is entirely subjective in view of the courts. There are no hard & fast rules to decide how your assets will be divided. It depends on a number of factors and no specific guarantees are made to either party. But what you’re entitled to include matrimonial assets such as:

  • Money including savings, investments, insurance, pension, debts, credit cards, loans, mortgages, mutual funds, etc.

  • Property

  • Personal belongings (Vehicles, furniture, appliances)

  • Businesses

  • Child/Spousal maintenance

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