When marriages end, and a divorce is sought, there are multiple obligations for each party. One of the most critical of these is the divorce settlement.
What is the Divorce Financial Settlement?
This usually refers to the financial arrangements of the couple and how assets are going to be divided up.
Clearly the decisions relating to assets can have a large impact on future quality of life; which is the principle reason why so many disputes arise. The aim in family law is to construct a fair and equitable settlement between the parties based on their needs. Oratto member divorce lawyers have years of relevant experience in how to go about this often contentious aspect of divorce.
There are a number of factors which go into determining divorce settlements. These include:
- Whether there are any children
- The length of the marriage
- Future earning capacity of both spouses
Whenever possible the law applies the ‘clean break' philosophy which is as it sounds; that as full and final settlement as possible is made. When there are children involved, or finances are complex and entangled, then divorce settlements become harder to reach. This is when an Oratto member solicitor will be able to assess your circumstances swiftly and competently in order to guide you in the right direction.
What mistakes are most often made in divorce?
Research has shown that there are some bad choices which are often repeated when parties negotiate divorce settlements. While some of these may be understandable in the heat of a break up, it is nevertheless best if they can be avoided.
One of the most commonly made mistakes is making it a priority to fight for the family home. Women especially tend to have an emotional attachment to 'the house', particularly if their children are still young. This means that a disproportionate emphasis may be placed upon keeping a home as part of a divorce settlement with less emphasis for other important considerations.
It's a really good idea to look further ahead instead and secure a share of the pension pot; even if that means downsizing in terms of property. Taking on mortgage commitments alone can be ruinous and - especially after long marriages - women need to consider how their finances are going to work in the future especially if they are nearing retirement age and have little or no earning power.
Along similar lines, it's always worth carefully considering how savings for a pension are going to be divided up. What is available at the time of divorce does not necessarily equal half of what will be the actual retirement income.
Oratto member divorce solicitors are highly trained in how to secure the best deal in financial settlements on divorce, contact us today and we can put you in touch with an expert in this field.
What else is often left unconsidered?
It's a big mistake to not seek the advice of a financial advisor so that the figures of any asset valuation can be checked. There are a number of methods used to conduct asset valuations that may hide true value, particularly of pensions and businesses. Oratto member lawyers will be able to use their extensive experience to advise you on the best course of action.
As well as this, not identifying and taking account of the total sum of debt is another common mistake. Even after a divorce settlement is complete former spouses can be held jointly liable for debts they were unaware of. This is why full and frank disclosure is best for both parties. It's crucial to bear your own credit file in mind and establish the full extent of outstanding debts. If there are any joint accounts, these must be closed and the assets split.
And finally, a sealed consent order is a necessity. Without this, either party can make future demands - even years after the divorce has been finalised. An Oratto member solicitor will be able to draw up a fully comprehensive consent order to protect future assets.
Your divorce settlement is as unique as you are
Each case is assessed on its own merits and Oratto member divorce solicitors are able to give bespoke advice during divorce settlements. Our skilled member family lawyers are adept at seeing all angles of the situation, no matter how complex, and they can advise you accordingly.
There are a number of ways to contact Oratto, a free phone call, an online chat or by filling in our Oratto Match form; either way, we will quickly and efficiently ensure you are put in contact with a member solicitor who is right for you.
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