Divorce and Finance: Legal Advice

Advice on Divorce and Separation Finances

Our expert team of divorce and finance solicitors and our settlement solicitors can provide expert legal advice and representations for a financial settlement in divorce, annulment of marriage and judicial separation. The dissolution of a marriage is a moment of emotional and financial instability. Due to arguments and conflicts, the process of dividing assets and debts in a divorce can sometimes linger.

At Tann Law Solicitors, we believe that divorce should be kept easy and uncomplicated. With a specialised team of solicitors on your side, we will assist you in reaching an agreement with minimal difficulty.

When a marriage or civil partnership dissolves, reaching a financial settlement with your partner can be difficult. Arguments become heated and might continue for months without resolution. At Tann Law Solicitors, we believe in resolution for this reason. Finding a solution that works for our clients and making it official quickly and efficiently so that you can concentrate on yourself.

Why should you pick Tann Law Solicitors for divorce financial guidance?

Regarding divorce or dissolution, we understand that our clients want to get it over with quickly so they can begin rebuilding their lives. However, we are also aware of the importance of financial agreements in maintaining stability, particularly where children are involved. Therefore, we will never pressure you to make a decision. Instead, we will provide sensible solutions and guidance to your specific needs, actively providing suggestions that work. When you hire our financial solicitors, we will treat you with the respect and diligence you deserve. We think that whenever possible, we should spare a divorced couple time and stress. And that is precisely what we do every day, assisting individuals from various backgrounds.

How does the divorce and finance solicitors at Tann Law help?

Our divorce and finance solicitors at Tann Law Solicitors are skilled negotiators. You may rely on us to offer our all in resolving a financial issue, as we are qualified in all forms of alternative dispute resolution. To reach an agreement, we will adopt a strategic, situation-specific negotiation strategy that encourages trust and compromise from both sides. When it comes to divorce or dissolution, conflicts over the division of finances can frequently exacerbate an already unpleasant situation. We are firm believers in mediation for this reason.

What is an financial agreement?

A financial agreement is a legally enforceable contract that is established when a divorced spouse reaches a consensus on various significant matters. This covers child support, spousal support, and the distribution of assets.

How can divorce impact finances?

Divorce is a life-altering experience. Your money will inevitably be affected. But what should you specifically address in terms of post-divorce finances?

Immediate financial concerns: When a couple has been together for an extended period, they likely rely on one another financially. Therefore, it is prudent to prepare for the immediate effects of the separation. Based on our extensive expertise guiding couples through the divorce procedure, we can provide you with individualised counsel from the outset of proceedings.

Maintenance after divorce – With such a huge upheaval, you’ll want to organise your finances for the upcoming years. How much will your former spouse contribute? This information is essential for future planning and safety when children are involved. You should never have to worry about not being able to support your children if you decide to go your own ways.

Property and Divorce – How is property owned? Are you joint tenants or tenants in common? How will the earnings from the sale of the house be divided? As divorce-related property concerns differ from case to case, they are all essential factors. If you’re considering separation, our divorce solicitors can advise you on your case and help you understand your legal position.

Pensions and Divorce – Pensions will be shared based on your specific circumstances, including the length of your marriage and your respective ages. Pensions may not play a large role in a divorce between younger parties, but if you and your spouse are 50 or older, you will need to consider how your divorce will influence your pension.

What financial rights do I have in a divorce?

Your financial rights will differ based on your circumstances, but the court will generally prioritise the parent who will continue to provide full-time care for the children. In situations where children live with one parent and that person earns less, has a smaller mortgage capacity, and has fewer pension provisions, the children may be entitled to a larger financial share. Even while the legislation regarding the division of assets is complex and subject to change, courts will prioritise the welfare of the kid above all else.

How much divorce support is a former spouse entitled to?

After considering the children, and depending on the circumstances, the court will analyse your spouse’s requirements, assets, earning ability, style of life before the divorce, and any other special needs they may have.

What occurs if my spouse refuses to pay support?

If your agreement resulted in a court order, and your spouse continues to refuse payment, you may petition the court to enforce the order. You may file for an Attachment of Earnings Order so that, if your spouse refuses to pay, your maintenance is withheld from their wages before they get it. If the financial arrangement was not formalised by a court order, you would be required to petition the court for an order.

How are finances often split during a divorce?

The objective is to allocate the assets as equitably as feasible. This may not necessitate a 50/50 split, but both the breadwinner and the housewife must receive equal treatment. As indicated previously, children will be given priority and must be accommodated by their primary carer.

After confirming that the legitimate financial demands of both parties have been addressed, the court will distribute the residual assets if there is a surplus. To accomplish this, the court will evaluate marital assets (those acquired during the marriage with shared earnings) and non-matrimonial property (assets obtained outside of the marriage). While the majority of assets will be considered marital, gifts or inheritances from one side of the family will typically be viewed as non-matrimonial in the beginning.

Additionally, the court will attempt to accomplish a financial separation between both couples, sometimes known as a clean break. This means that while one partner may contribute monetarily to child support, the pair will have no further financial ties.

If one of us remarries, what happens to the maintenance payment?

This does not change if you remarry if your ex-spouse has a financial order against you requiring you to pay a set amount of maintenance. If you are unable to make these payments, you may petition the court for a modification.

Are company assets part of a financial settlement?

Yes. Business assets are part of the assets to be considered during divorce and finance talks and must be reported in full beforehand; nevertheless, the split of these assets will depend on your specific circumstances. Despite the fact that you may have founded the firm on your own, your spouse’s contribution to the marriage could be viewed as equally significant; in this instance, each spouse could claim half of the business’s value. However, each circumstance is unique, so it is crucial that we, as your solicitors, are informed of any business assets involved in order to determine how they will be shared.

Advice on Divorce and Separation Finances

The dissolution of a marriage is a period of emotional and financial instability. Due to arguments and conflicts, the process of dividing assets and debts in a divorce can sometimes linger on.

At Tann Law Solicitors, we believe that divorce should be kept easy and uncomplicated. With a specialised team of solicitors on your side, we will assist you in reaching an agreement with minimal difficulty.

When a marriage or civil partnership dissolves, it can be difficult to reach a financial settlement with your partner. Arguments become heated and might continue for months without resolution. At Tann Law Solicitors, we believe in resolution for this reason. Finding a solution that works for our clients and making it official quickly and efficiently so that you can concentrate on yourself.

How long does it take to handle the finances?

A precise timetable is established following the filing of an application with the court to manage the family’s finances.

The court specifies what financial information is necessary and sets a date for a First Appointment to ensure that adequate disclosure of both parties financial circumstances has been or will be made.

Typically, a date is set for a Financial Dispute Resolution Appointment (FDA) when it is determined whether the financial issues can be resolved without the need for a full-blown trial. Alternatively, a date is set for a full Hearing of the financial claims if no settlement can be achieved.

At any stage during this procedure, the couple can reach an agreement (obviously with the assistance of legal counsel) and avoid the phases that do not apply to their unique situation.

Due to the fact that each customer has a unique combination of circumstances, it is impossible to provide a precise time estimate for resolving their financial troubles. At Tann Law Solicitors, we strive to offer our clients with accurate time estimates from the outset and to keep them apprised of any developments.

What financial details do I need to provide?

The division of the family’s finances requires a great deal of information from both partners so that a complete picture of the family’s financial status can be constructed and a fair solution can be established, whether by consent or by the court.

Each party is to provide detailed information about their respective financial situation. The specific information required is totally dependent on your individual circumstances; therefore, it is impossible to mention all of them here.

If an agreement cannot be reached, the court will need this information to make a decision regarding the division of the family’s assets and liabilities. It is crucial that the partners’ respective legal advisors have a clear understanding of the family’s financial position in order to provide the best advice regarding any proposed financial arrangements.

At Tann Law Solicitors, the family comes first. When you retain us, our Divorce and Finance Solicitors will do all possible to ensure that your settlement is equitable and that you are well-informed about your future finances.