When parties divorce, unless they also dismiss their financial claims against one another they remain open indefinitely until death or remarriage and therefore it is important that financial matters are dealt with at the same time as the divorce.
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Financial agreements can be reached via one of the following methods:-
If using options 1 to 4 above, you must make sure that any financial agreement is drawn up in to a Consent Order by a Solicitor, which is signed by both parties to the marriage and sent to the Court for approval and sealing.
When negotiating the financial agreement, it is vital that parties understand that due to them being married all finances are included in the “matrimonial pot”, this includes all income, capital and pensions. There can be discussion as to whether an asset falls outside of the “matrimonial pot” in situations for example where the parties have been separated for quite some time before divorcing or where the marriage was very short. It is imperative that the parties have full financial disclosure and whichever route above that they decide to take, no agreement should be reached without being certain that they understand the full financial picture.
The starting point for discussion is a 50/50 split of the “matrimonial pot” however there are factors which can tip the balance in favour of either party depending on individual circumstances. There is no set formulae and an agreement should be very carefully considered.
Our family law solicitors are highly experienced and can assist you in relation to any matrimonial financial resolution. We are able to deal with complex financial matters or simple clean break orders for you.
For more information on how we can help support you come to a matrimonial financial resolution, please contact one of our family specialists in our Newbury, Thatcham or Maidenhead offices below.