An important aspect of getting the right outcome in your divorce is getting a correct financial outcome.
Whats taken into account are assets, income and pensions, each party’s financial needs, the length of the marriage and the age of each spouse. Also, any physical or mental disabilities, the conduct, domestic environment contribution and the preservation of standards of living for both parties and any children are also taken into consideration.
Our divorce team is led by Annette Woodall, a member of Resolution (formerly the Solicitor’s Family Law Association), who has a wide experience in all matters relating to family breakdown.
Annette’s particular specialism is acting in respect of financial matters. This includes dealing with high profile and high net financial claims, often involving substantial assets and pension issues.
She has a firm and practical approach to achieving high levels of settlement and client satisfaction.
As a leading firm renowned for its children’s proceedings you have the very best team behind to help with matters of children and finance in respect of your divorce.
Annette has a wide range of expertise in all matters relating to family breakdown, particularly in respect of financial matters:
- Divorce/judicial separation/annulment of marriage
- Business property
- Child arrangements orders and financial provision disputes involving children
- Separation agreements for unmarried Couples
- Marital Agreements Pre-nuptial
There are a number of specific divorce financial settlement orders that can be sought.
Periodical payment order (regular maintenance payments)
This is a regular payment made out of income. It can be open-ended or limited in duration. If the party receiving maintenance remarries or dies it automatically stops. Periodical payment orders can be varied (either by amount or duration) if warranted.
The Court can order a fixed sum as a capitalisation of the order, this can be done where a “clean break” is required or justified.
Lump sum provision order (a one off capital payment)
Often a means of dividing savings held by one party or where one spouse wants to remain in the matrimonial home and pays a lump sum to the other to do so. There are many other reasons for lump sum provision order but these are typical examples.
Property adjustment order (property is transferred or sold)
This type or order adjusts the share ratio in property. The court can make orders to sell property immediately or to delay the sale for good reason such as children still living at home or transfer the property to either party if the circumstances warrant this.
Pension Sharing Orders (part of a pension is split off and made into a new pension for the spouse)
This usually comes about when one partner (usually the husband or main earner) has been working and earning a large pension while the other partner – very often the wife, is at home caring for the children full time. It could be considered by the person the lower income that may have some entitlement to the pension since they were not able to earn to the same degree as their partner. In this instance the Court can decide that the pension should be shared and the order will outline how the split is to be done.
Other Pension Orders (offsetting and earmarking)
If there are several assets involved in the divorce it could be easy to assume that everything should just be split down the middle, half the house, half the money in the bank and half the pension each etc.
However, in practice it may not always be best for this to occur. If there are still children involved the court will act first and foremost to see that the children are benefited by the outcome of the financial orders and considers whether one parties interest in the pension should be offset by receiving a larger share of available assets.
Final Order (final judgement of financial proceedings)
After your Decree Nisi has been granted a Final Order can be made by the Court which is the conclusion of your financial proceedings. This Order cannot be implemented until your divorce has been made final with a Decree Absolute.
This Final Order lays out the last judgements and direction to be taken in relation to your financial matters with respect to your divorce.
Clean Break Order
This Order basically ends any financial tie between both parties and can be made by the court or by agreement between the parties and provides for certainty to ensure no further claims can be made in life or death.
You should always consider making a will to protect your assets and ensure your wishes are fulfilled. Any will made will be invalid after Decree Absolute.