A divorce is a difficult time for many reasons, but it’s also an opportunity for a fresh start and the prospect of an exciting future. However, to do so, you’ll need to be in a good place financially. In this post, we’ll provide some expert tips on how to get the most out of a divorce settlement.
A divorce settlement serves as the final legal agreement between a married couple to document the terms of their divorce. This will include the division of marital assets such as savings, property, child maintenance and shares, as well as any business assets. The outcome of your divorce settlement is crucial for your long-term financial stability, so it’s vital to know how to get the most out of a divorce. Fortunately, our team of experienced family lawyers are here to help!
1. Strategise with Your Divorce Solicitor
Step one of any legal matrimonial matter is to seek the help of an experienced and reputable divorce solicitor. Your family lawyer will guide you through every aspect of the divorce process and prove to be invaluable when it comes to establishing how to get the most out of your divorce settlement.
At KMJ Solicitors, our experienced family lawyers will use their many years of experience and vast knowledge to put a strategy in place that helps you achieve a fair financial resolution.
2. Ensure That You’re Aware of All the Marital Assets
Although many married couples are aware of all their marital assets, it’s not uncommon for one party to hide money, items, or other assets. In fact, there have been high-net-worth divorce cases where the assets hidden comprise millions. If you suspect that your spouse has hidden assets before or during your divorce, it’s wise to enlist the help of a forensic accountant. They will be able to expose any hidden assets or those you aren’t aware of — doing so will ensure that your divorce settlement is a fair representation of what each spouse is entitled to.
3. Establish Which Assets are a Priority
Once you have a clear idea of all the marital assets that need to be included in the divorce settlement, your next step is to establish which assets are a priority for you moving forward. For example, if you intend to be the primary caregiver of children, the family home is a top priority, as well as ensuring that your spouse will provide sufficient child maintenance.
If your spouse owns a business that you have contributed to but have no interest in co-owning, this provides an opportunity for you to receive more in the way of funds, as they will need to buy you out. This train of thought should be applied to all assets that your spouse has an interest in and, therefore, will be willing to pay you for.
4. Attempt Mediation
If you’re unable to agree on the terms of your divorce settlement, mediation is an ideal way to discuss the matter calmly and productively while benefitting from the advice of a professional. Divorces can be contentious for both parties. Mediation will not only give you a better chance of gaining a fair share of the marital assets, but it will also help to avoid a lengthy and expensive court battle.
Want to know more about how to get the most out of a divorce? Get in touch today to speak to a member of our expert matrimonial law team.