Financial Settlements

Financial Settlements

When going through a divorce or civil partnership dissolution, reaching a financial settlement is crucial for both parties. A financial divorce settlement outlines how money and assets will be divided after the marriage ends. If financial matters are not resolved at the time of divorce, either spouse could bring a claim at any point in the future, even decades later. This can lead to complexities, as financial situations may have significantly changed over time, such as increased earnings, inheritance, or pension assets.

There are three main types of financial claims, that can be brought within divorce or dissolution proceedings. The first is a claim for income, which involves seeking spousal maintenance or periodical payments.

The second involves capital assets, such as property. Determining which assets are considered matrimonial can be complex, especially when dealing with inherited or post-separation assets.

Pension claims, the third type, are particularly intricate. Pensions can be divided into defined contribution and defined benefit categories, each with unique retirement benefits.

To resolve financial matters, several options are available to couples parting ways. These include voluntary financial disclosure and negotiation either independently or with the assistance of solicitors.

At My Free Legal Advice, we understand the importance of efficient and fair financial settlements for both parties. Our service can connect you with specialist solicitors who will guide you through the process, ensuring your rights are protected and helping you reach a satisfactory resolution with your former spouse or partner. Trust My Free Legal Advice to signpost you to the solicitors that will help pave the way for a smoother transition into the next chapter of your life.