Financial Settlement

Seeking a financial settlement following separation can be fraught with anguish and animosity. We are here to provide you with expert legal guidance during those difficult times.

At RVS Solicitors, we provide expert legal guidance to those going through a divorce or the dissolution of a civil partnership, in a manner that supports their emotional needs and those of their children.  We have developed a strong reputation for achieving a fair financial settlement for many high-net-worth clients, often without the need to enter a courtroom.

We have seen on many occasions that the best agreements are made when both parties are as considerate as possible of each other’s needs.  As members of Resolution, a group of 6,500 family solicitors nationwide, we believe that mediation and round-table negotiation provide the best long-lasting outcome for families.  Achieving agreement on the division of financial assets following separation through peaceful methods means that both parties can, for the sake of the children, maintain a respectful ongoing relationship.  The financial agreement is also more likely to remain in place and honoured over the long-term.

To read more on different aspects of financial settlement follow the links below:

How to settle finances in Divorce? – Consent Orders

What happens to the Family Home in Divorce? 

How pensions are split in a divorce?

How to protect your assets during a divorce?

How to vary a financial Order?

While we support non-confrontational approaches to bringing about agreements following a divorce or dissolution, sometimes a court order is necessary to bring the matter to a conclusion.  It is important to understand that the courts handle the separation of finances entirely separately from the actual divorce or dissolution proceedings.  If your financial settlement does need to go to court, we will provide you with a robust legal representation that faithfully represents your needs, and that of your children.  The service we offer to our clients is always tailored to their needs.

Depending on the facts of your case, and your life circumstances, we will adapt how we work to you.  And if you need us, we will be there to provide reassurance, answer questions, and provide any legal advice you need.  You will have our direct contact details, and we always endeavour to clients immediately, or as soon as is convenient.

Frequently Asked Questions (FAQS)

How are financial assets split following divorce or dissolution?

The starting position for the court is that financial assets should be divided equally. However, under section 25 of the Matrimonial Causes Act 1973, the court will consider the following factors (for both parties), which may alter how much each party receives:

• Current and future income, earning capacity, property, and other financial resources
• Current and future financial needs, obligations, and responsibilities
• The standard of living enjoyed by the family before the relationship broke down
• The age of each party to the marriage
• How long the marriage lasted
• If there is any physical or mental disability of either spouse
• Past and future the contributions to the welfare and care of the family
• The conduct of each of the parties, but only if the conduct is such that it would, in the opinion of the court, be inequitable to disregard it
• the value to each of the parties to the marriage of any benefit (e.g. pension) which, by reason of the dissolution or annulment of the marriage, that party will lose the chance of acquiring

The courts will also consider the needs of any children of the family, considering such factors as:

• the financial needs of the child;
• the income, earning capacity (if any), property and other financial resources of the child;
• any physical or mental disability of the child;
• the manner in which he/she was being (and in which the parties to the marriage expected him to be) educated or trained;

I am concerned my spouse may hide financial assets

In many pending divorces and dissolutions, one party has genuine concerns that their spouse or civil partner is actively hiding traces of bank accounts, shareholdings, or other financial assets.  If one party to a marriage or civil partnership initiates a court order for a financial remedy, then the court will request a full breakdown of the finances of each person.  This will include everything from bank statements, property valuations, pension valuations, income, company accounts, dividends received, any shareholdings, and the valuation of any other large assets.  Each person must provide full and frank disclosure of their financial position by law.

If you are still concerned that your partner or spouse has not provided all details of their actual financial position, then we would encourage you not to take matters into your own hands, as this may prejudice your case.  We will engage the services of a forensic accountant to carry out a detailed investigation to uncover the true financial assets and liabilities of your spouse in a manner can is fully admissible in court.

What is a freezing order?

A freezing order is an injunction which prevents the disposal or spreading assets or money.  These are commonly utilised in high-net-worth divorces or dissolutions if assets are spread across a range of companies, trusts, banks, land, and countries; even cars, art, and other tangible items of value can be included.

The courts apply strict rules for the granting of freezing orders, especially if it is being requested without the other party’s knowledge.  We have a great deal of experience and understanding of the procedural rules that the courts apply and have been successful in achieving many freezing orders for our clients.

Taking this route can add to the emotional pressure being experienced as part of the separation, however, as experts in this area of law, RVS Solicitors will support you every step of the way.  We will handle the matter as much as possible on your behalf, so you can carry on with repairing your life, and that of your children.

Will I be entitled to spousal maintenance?

The conditions which govern whether or not you will be entitled to spousal maintenance vary.  Much will depend on the factors the court must consider under section 25 of the Matrimonial Causes Act 1973.  We can provide expert advice as to whether you may be entitled to spousal maintenance and will work with you to negotiate an amount outside of court if possible. It is important to know that you might be able to claim spousal maintenance during the divorce process itself. 

To find out more about how we can advise you on financial settlements in a divorce, please contact our London office on 020 3372 5125  or complete our online form to make an appointment.

To read more about similar issues please visit our blog or read on how we have helped others in similar circumstances by visiting our success stories