Dealing with financial settlements between yourself and an ex-partner can be an incredibly stressful time. This can be made even more difficult when your ex-partner is delaying the process.
Knowing how to handle this situation can save you a lot of hassle while putting your mind at ease. With this in mind, we’re going to be looking at the steps you can take if an ex-partner is delaying a financial settlement.
What is a financial settlement?
When a couple part ways, either via separation or divorce, a financial settlement is established to arrange how the various finances, assets and debts will be split.
A financial settlement is legally binding and can include a range of different monetary matters. Finances that can be part of a financial settlement include the following:
- Child support payments: Necessary if children are involved so that the child or children can have their needs met, such as medical care and education.
- Allocations of debts: Debts can include loans, balances on credit cards or mortgages obtained while together.
- Retirement accounts and pensions: Pension benefits may be split between both parties with pension sharing.
- Alimony payments: Not always necessary but could be required so one or both parties are able to maintain living standards after separating.
- Asset division: Can include savings, investments and property.
How does a financial settlement work?
Financial settlements work through plans agreed by both parties. When deciding on a plan, the two parties will fully disclose all assets. These assets are then valued and the terms are negotiated, either between the parties alone or with a mediator.
What do you do when an ex-partner delays a financial settlement?
In many cases, an ex-partner might make things trickier by delaying a financial settlement. This can be incredibly frustrating, not to mention stressful, as the proceedings are inevitably elongated. There are a few steps you can take if you find yourself in this position.
Communicate with the other party
Make sure you have thoroughly communicated with your ex-spouse or partner. There could be a specific reason why they haven’t reached an agreement. It could be intentional, but it could also be that they are struggling with their finances. Other issues could also be in play, such as problems with legal administration or trouble with their bank.
It can sometimes be tough to get all the information that you need, especially if you are dealing with someone purposely delaying matters. However, it is best to communicate with them first before jumping straight to legal proceedings.
Keep track of your conversations
While you are keeping up the communication, don’t forget to document everything. If the issue has to escalate to court, you’ll need as much evidence as possible.
Ask for mediation
Mediation can be an effective way for two parties to manage a financial settlement without too much escalation.
Get the courts involved
If you have attempted direct communication and mediation, but haven’t made any progress, the next option would be an escalation to the court system. Be aware that this is a more costly option.
If your ex is refusing to comply with an established settlement, your lawyer can file a court motion. This will force the other party to fulfil any set out obligations within the settlement.
If your ex is only delaying rather than refusing entirely, gather your accumulated evidence and present it to your lawyer. They will help you figure out the best way to present it at court so you and your ex can come to an agreement.
Legal advice from experienced divorce solicitors
Navigating the ins and outs of financial settlements can be difficult at the best of times. If the process continues longer than it needs to, it can be draining on both your mental health and your bank account. However, it doesn’t need to be this way.
If you are having trouble knowing where to start when it comes to handling a tense financial settlement situation with an ex, try not to get overwhelmed. Help is just around the corner with Osbourne Pinner Solicitors.
Our friendly team of experienced divorce solicitors are ready to guide you every step of the way when it comes to financial settlements. So, if you’d like to discuss your situation, we offer a free 30-minute consultation with no obligation. Get started by filling out our online form below, calling 0203 983 5080, or emailing [email protected].
