Gumersalls News

Gumersalls News

How To Settle Finances During A Divorce?

by | Jun 28, 2022 | News | 0 comments

One of the most complicated aspects of getting a divorce is arranging the financial settlement, as most couples’ money and assets become intertwined during marriage, making it hard to divide.

 

  • What are the assets?

The first thing to do is look at all your finances, including property, savings, investments and pensions, businesses, vehicles, and even debts.

In the case where there are no children involved, finances are typically divided equally, or each spouse walks away with what they brought into the marriage.

 

  • Ask a mediator

If you cannot agree with your ex-partner on how the finances should be divided, it is worth seeking help from a mediator to help resolve the issues between you two.

This could also help save money in the long run, as each court appearance has a set fee of £275, and the more you have to attend court to come to an arrangement, the more you will have to pay.

 

  • Get the court to decide

The last step to divvying up money and assets is to get the court to decide. Though this will take longer and become more expensive than settling an agreement out of court, it could protect your finances or help get a fair amount of money.

You will be required to fill out a financial statement for a financial order, detailing all your assets and debts, as well as your future living costs. The court then makes its decision based on each person’s ability to earn, age, property, standard of living, financial needs and responsibilities, role within the family, disability, and health conditions.

Typically, the judge arranges a ‘clean break’, so everything is divided, and the ex-partners do not have any ties to each other, aside from child maintenance.

 

To find out more about the process, contact our divorce solicitors in Surrey.