Daily Archives: January 6, 2019

Finalising Finances in Divorce

Couple signing divorce paper

One aspect of divorce proceedings that is often very contentious is the financial settlement. This needs to be negotiated separately to the divorce itself. The divorce petition is made to the court on the basis of irreconcilable differences, attributed to one of five causes:

  • adultery
  • unreasonable behaviour
  • desertion
  • separation of 2 years
  • separation of 5 years.

This petition then goes through the legal process until it is granted by court in around 4-6 months. It’s the job of a divorce solicitor in London to manage this process for their clients, such as those at Saracens Solicitors in the West End.

Contrary to popular belief, the financial settlement isn’t part of this procedure. The parting couple, along with their lawyers if needed, decide on how to divide up their assets in separate negotiations.

Ideally, each partner will honestly declare their assets. This includes what has been shared and accumulated during the marriage. Then, through mediation if necessary, the partners will be able to come to a fair and reasonable agreement about how to divide the wealth.

However, unfortunately, it doesn’t always happen this way. Sometimes, one party may try to hide some of their fortune, so their former spouse isn’t able to make a claim on it. If this is the case, a divorce solicitor in London can help. They can employ the services of a forensic accountant to track down evidence and apply for injunctions to stop assets being hidden or sold off.

It isn’t necessary for the financial settlement negotiations to go to court: hopefully, both parties, with their divorce solicitor in London, can reach a settlement without taking this step. UK courts tend to favour the spouse in the weaker financial position, so divorcees who have a high net worth would be well-advised to reach a settlement before they get in front of a judge.

Once an agreement is reached, a divorce solicitor in Londoncan draw up a consent order to make it legally binding. This then is sent to a judge who will approve it, unless they feel it is unfair. In this case, they can change the order or make a new court order outlining a different settlement.