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A Guide to the Division of Assets in Divorce

A Guide to the Division of Assets in Divorce

A divorce — or the end of any serious breakup, for that matter — is a very difficult experience, and the process itself can be challenging for many reasons. Aside from the emotional unrest of your marriage ending, the division of assets in divorce can also be tough and often a powderkeg for hostility. Every divorce is different and therefore will require a unique approach, this is why you should always seek the help of a competent and experienced family lawyer. They will be able to guide you through the divorce process and give you the best possible chance of a quick and satisfactory resolution. On this page, we’ll provide you with essential information regarding the division of assets in divorce, and advise you on the best approach to suit your situation. Prenuptial Agreements A prenuptial agreement is a document that many couples draft up before getting married so that, in the event of them breaking up, they have a plan for how assets will be divided. While this may not be the most romantic of ideas, it can save a lot of time and hassle if your marriage does happen to come to an end. Your family lawyer will be able to draft up a prenuptial agreement for you, or another option is a postnuptial agreement for couples who want to do the same thing but are already married. You can find more information about this on our prenuptial agreements page. If you’re someone who doesn’t have a prenuptial agreement in place, you can skip that step, but it’s worth keeping in mind for the future. Agreed Financial...
Divorce Process: Financial Settlement

Divorce Process: Financial Settlement

Throughout a marriage, an abundance of shared funds, property, and other assets will be accumulated. This can be helpful in regards to making finances more manageable, applying for loans or mortgages and tax benefits, but it means a financial agreement will need to be established to divide assets fairly. A financial settlement is where divorcing or divorced couples decide how the marital assets will be divided up. On this page, we’ll cover the various aspects of a financial settlement you need to be aware of, and what the process is for couples who agree or disagree to the proposed division. How to Get a Financial Agreement If you and your ex-partner can agree on how any shared money and property should be divided, you can usually do so out of court and avoid the expense and hassle of a hearing. It’s always a good idea to seek the advice of a divorce lawyer at this point to establish what you’re entitled to. Also, if you want to make your financial settlement legally binding, you can ask your family lawyer to draft up a consent order. The draft agreement will need to be signed by yourself and your ex-partner, then sent to a court for approval. This will cost £50. If the judge thinks the consent order is fair, it will be approved. If not, they can alter the order to make it fair, or explain why they do not consider it fair so a new agreement can be reached and order made. This is also an ideal opportunity to sort out child maintenance. Arranging this will be a vital aspect of...
A Guide to Divorce Finances

A Guide to Divorce Finances

A divorce is a life-changing and ultimately very difficult experience for anyone to go through. More often than not, the main cause for stress or hostility comes down to money. There’s a lot of different aspects to consider when it comes to divorce finances, so it’s essential to make sure that, when the dust settles, you’re able to support yourself. During the course of a marriage, you and your former partner will have accumulated a wide range of assets, whether it’s in the form of funds, property, or even a business. Every divorce is different, so sometimes the division of assets is a quick and easy process, whereas in other cases it can be a drawn-out affair in court. Either way, it’s a good idea to prepare yourself for the potential cost of a divorce. On this page, you’ll find a guide to divorce finances, in which we cover the various costs of the divorce process and how it differs when partners agree or disagree. A Top Divorce Lawyer is a Smart Investment The prospect of divorce is very daunting for many reasons, but the aspect people often have the most difficulty accepting and dealing with is how it affects them financially. One thing we tend to be most concerned about is legal expenses, but hiring a high-quality family lawyer should always be your first step. Granted, this will cost you money, and you may be eager to limit your spending and deal with the matter yourself. But, quite simply, the services of a competent divorce solicitor give you a much better chance of a financially stable future. Here...