Surviving The Financial Wreckage Of Divorce

Finances can be a source of disagreement for any couple when going through a divorce. Sorting out money, property, pensions and possessions can be an even more daunting task when you don’t know where to start or what you’re entitled to.

It’s important to know that in England and Wales, the act of divorce itself doesn’t put an end to the financial relationship between you and your partner.

To separate your finances, you need to reach a financial settlement and turn that into a court order, which is different from the divorce itself.

Obtaining a financial settlement when you’re separating from your partner is important because outstanding financial claims may come back to disrupt your lives even years after your divorce has been finalised.

You can get a financial settlement any time during the divorce proceedings– so, before or after the divorce has been finalised but it’s advisable to do so before your partner or you have remarried as re-marriage can affect your right to make a claim against matrimonial assets. It’s therefore important to seek legal advice before re-marrying.

If you can reach agreement with your partner on a financial settlement, then the agreement can be incorporated into a court order (a consent order). If agreement can’t be reached directly or with the assistance of a solicitor then mediation may help you to reach agreement and, as a last resort, an application can be made to the court.

As divorce involves hurt feelings, it can sometimes be difficult to reach an agreement with your Spouse as those hurt feelings can get in the way, which is why it’s really important to choose a good family lawyer who can help to reduce tension and give guidance on what your realistic expectations should be. A good family lawyer will not use language within negotiations that is judgmental or provoking to your spouse and will follow the protocol set out by Resolution. Clients generally perceive a good lawyer as aggressive and “going for the jugular”, this is not the case with family law and, such a lawyer will only end up increasing costs and inflaming tensions between separating spouses.

At Peace Legal we are specialists in dealing with all financial matters on divorce in a way that promotes understanding and acceptance, with a view to keeping costs low and trying to reach agreement by negotiation as this makes what is a very difficult time anyway, much easier to deal with emotionally and much less costly.

Our family lawyers follow the resolution code of conduct within proceedings and combined with their knowledge and experience can settle most financial proceedings amicably, even if there has been a court application.