When you take vows of matrimony, the thought of divorce is an alien. But for some couples, such a time comes when ending the relationship seems more reasonable than continuing it. In such times, there are certain decisions to be made. For example, the custody of children or pets that the thought of finances slips from the mind of many. This blog here lets you know why neglecting it might become a problem down the road and what are your options, how exactly you can go about it.
What is a financial settlement in a divorce?
Simply put, “who will get what”. In an undefended divorce case, that is, it is settled that the couple is going to get separated; then the court deals in dividing the assets and finances between the two parties to reach a financial arrangement between them. The arrangement may include things such as children maintenance, cars, properties, investments, pensions, savings, debts etc.
We have these divided into two parts: –
- Matrimonial Assets: These assets are acquired during the duration of your marriage, such as properties, savings, cars etc.
- Non- Matrimonial Assets: those acquired outside of matrimony.
Usually, the settlement goes about the matrimonial assets, but in certain cases, non-matrimonial assets can be considered as well.
Why make a financial settlement?
The thing here is, there is no time period within which either of the parties in a divorce can make a financial claim. It can happen that even after years since the divorce has been settled, either you or your ex-spouse can make a claim to the finances that were not settled at the time of your separation. The scene is even messier if you are with a new partner at that time. Therefore, to sidestep those unwanted situations as well as to safeguard yours and your children’s (if any) financial future it is imperative that you settle your finances with a financial order along with your divorce.
How fair is a financial settlement?
You have to reach a financial arrangement by talking to your spouse. You have to go through each asset and finances you have got while in marriage and decide who gets what. A 50-50 arrangement is what we get started with, and then other factors such as children’s custody, their expenses, age of you two, financial independence of you both, your expenses etc. influence the settlement, and it may become 60/40 or 55/45 or anything like that. The judge’s decision is final in this case, they will decide whether the arrangement you have reached is fair or not and divide it likewise.
A smart thing would be to have your lawyer such as Osbourne Pinner by your side to advise you through it as we will be keeping your needs and interests in mind. Once you are sure about ending your relationship, you should start preparing for your future thereafter and thus, your finances. See whatever you are entitled to, whatever properties there are that ought to be divided between the two of you & make sure you settle your finances by the time you get your decree absolute. There are certain claims such as on pensions that you might not be able to make once you get divorced.
How can Osbourne Pinner help you through it?
While most of the settlements are fairly simple and straightforward, some cases get a little complex when you add in debts and/or pensions—in such cases, having some advice from an experienced lawyer like Osbourne Pinner who can keep the tables in your favour. Osbourne Pinner realizes that when you’re going through a divorce, whether ending the relationship amicably or not, it is a tough time for you. You have got a number of things on your mind and finances may be something that you might not have paid attention to. Once you get us in the picture, our team of highly professional and experienced lawyers will take care of your finances. They’ll make sure that you get your due share and your interests, as well as your children’s interests, are well taken care of. Our team will manage to safeguard your interests when it comes to your jointly owned assets such as family house settlement. We will help you reach a practical financial settlement as quickly as possible. Osbourne Pinner has its doors open to welcome you and ears open to hear you out with an assurance of confidentiality. We will keep your interests in mind and thoroughly discuss the best financial arrangement for you.