Divorce and Financial Settlements

Personal Legal Services » Family Matrimonial and Divorce » Divorce and Financial Settlements

During a divorce or dissolution, securing your financial future will understandably be one of your main concerns.

Finances can prove to be a point of contention between separating couples, with both parties wanting to make sure their positions are secure and their interests are protected. With the right approach, achieving a settlement which is fair enables both parties to move on with their lives. This is where having the support and guidance of our expert team can make all the difference.

Contact our Divorce Solicitors at Taylor Emmet

Our team will make sure that we deal with all issues arising out of your divorce, including child arrangements, financial settlements or domestic abuse.

Our expertise in financial settlements arising out of divorce or civil partnership dissolution

Taylor Emmet are recognised as having one of the leading Family Law teams in the Sheffield City Region and beyond.

Our experts delivering advice on finance and property have wide ranging experience in negotiating divorce settlements in a variety of contexts, including representing high-net-worth individuals. When necessary, we can call on others from within Taylor Emmet, such as property and corporate specialists.

We also have good relationships with pensions experts, property surveyors, forensic accountants, divorce coaches, mortgage advisers, etc, who will all work to support and advise you if the need arises.

Head of Family Law Michaela Evans is also trained in Collaborative Law and Resolution Together, allowing her to work with divorcing couples on a joint basis promoting a more constructive approach to achieving financial settlements.

How our Finance Specialist Solicitors and Lawyers can help you

Voluntary Financial Settlements

When you and your partner separate, you will need to consider how your finances will be divided between you. This can often be achieved voluntarily, but it may require plenty of rounds of negotiations before you arrive on a solution that is fair to both parties.

Our team can work alongside you to guide you through the process of negotiating a settlement with your former partner, utilising the most suitable method of dispute resolution wherever there are any disagreements. We can advise you on what outcomes are fair and in your best interests, and what the future will look like.

Consent Orders

It is important to remember that any financial settlement you make with your former partner will not be automatically legally binding. This means that it might be possible for your former partner to make a claim for a share of your assets or income in the future. This can be avoided by signing a Consent Order.

A Consent Order is a legally binding document that records the financial settlement after divorce or civil partnership dissolution. Once you are happy with the terms of your financial settlement, our team will handle the formal court process of applying for a Consent Order.

The terms of a Consent Order cannot normally be altered once it is approved by a Judge. If you receive a Consent Order from your partner or their solicitor, we can support you to ensure that you clearly understand its terms and effect.

Applying for a Financial Order in court

While we will take every possible step to help you reach an agreement on your finances out of court, there may be occasions where it is simply not possible. In these cases, it will be necessary for the court to intervene.

The court can make a Financial Order setting out how your assets should be divided. Our team can support you throughout the court process by carefully preparing your case and ensuring you are expertly represented at court hearings, ensuring the best possible outcome for you.

Frequently asked questions about financial settlements

What is a financial settlement?

A financial settlement in divorce or civil partnership dissolution is an arrangement made between separating partners regarding the appropriate division of their assets and their future obligations towards each other and any children.

Exactly what a financial settlement includes will vary depending on your circumstances and what you and your former partner can agree on. Typically, the division of property, business interests, family companies, savings, investments, pensions and spousal maintenance will all be issues that are taken into consideration.

How does a Judge decide a financial settlement?

If you cannot agree on the details of a financial settlement, and court proceedings are necessary, a Judge will impose a settlement. Their main objective will be to make a Financial Order which is deemed to be fair to both parties, putting the needs of any children first. However, this doesn’t necessarily mean that they will decide on an equal, or 50/50 split of the assets.

A Judge will instead weigh up a wide range of factors to determine who gets what with a focus on meeting needs. This could include, but is not limited to:

The age of both parties
The earning capacity of both parties
The length of the marriage/relationship
Financial and non-financial contributions (such as child care)
Ongoing living expenses
Childcare arrangements

How long do Financial Settlements take?

The time it takes to finalise a financial settlement can vary depending on the circumstances.

In straightforward cases where both parties are broadly in agreement, the process should only take a few months. However, where there are complex issues that need to be negotiated, possibly with the need for experts’ reports and asset valuations, it is not unusual for a case toa year or more to conclude.

Who pays court fees in financial settlement?

The person making an application for a Financial Order will usually be responsible for the court fee. However, it might be possible to come to an agreement to divide the cost between you.

Do both parties have to agree to a Financial Order?

If the court is to make a Financial Order, you and your partner will need to demonstrate that you have attempted to reach an agreement using out of court dispute resolution, or the court has to be satisfied that it was not appropriate, for example, if there has been domestic abuse.

How are pensions dealt with in financial settlements?

Pensions need careful consideration when a financial settlement is being agreed. They can often form a significant part of the family assets.

Legislation stipulates that, on the breakdown of a marriage, you are entitled to claim a share of your spouse’s pension, so care needs to be taken to ensure it is not undervalued. This is particularly relevant in the public sector, such as Police, NHS and local authority schemes.

There are many types of pension, all with different, complicated rules that set out when you can retire and when you can start to draw on the benefits available to you. We help protect your position in retirement and will advise on the options available, including pension sharing orders.

What needs to be considered in a financial settlement?

When we are negotiating a financial settlement, all assets will be considered, as well as how income needs will be met in the future and provision for child and/or spousal maintenance. Negotiations will take into account:

All property, businesses, investments and pensions owned jointly or by either party
The current and future earning potential of both parties
The length of your marriage/relationship
Your roles within the marriage and the contribution you have made, both financially and practically. For example, who looked after the house/children

Does a financial settlement need to go to court?

No, not necessarily. A settlement can be negotiated between both parties without the need for the court being involved. If you cannot agree, court proceedings for a Financial Order may be required.

It is important to note that currently, the family court system is at breaking point and separating couples should regard it as a last resort. The delays are extreme and it may take a year or more to conclude.

In some cases, we have no alternative but to pursue court action, but for suitable cases we offer out of court dispute resolution options, which are more constructive, less stressful and often more cost effective, including Mediation, Collaborative Law and Resolution Together.

However, for a financial agreement to be considered legally binding, it will need to be converted into a Consent Order which will need to be submitted to the court for approval. You do not need to attend court in the majority of cases.

We have Family Law Solicitors near you

If you are interested in understanding how Taylor Emmet can help you with your family law issues then please contact us.

0114 218 4000

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Life isn't straightforward, and we know that things don't always go to plan. But when they don't, it's important to have agreements and plans to negate the need for court action, especially regarding your family.

Securing your financial future following a divorce or civil partnership dissolution will understandably be one of your top priorities. We know that this can be a daunting prospect, which is why we are here to support you in negotiating a financial settlement that protects your current and future interests.

Our Family Law Solicitors and lawyers are experienced in supporting clients from a diverse range of backgrounds, including high-net worth individuals who require advice on their financial rights and responsibilities.

Where required, our Family Law Solicitors and Lawyers at Taylor Emmet can also work in tandem with our Property, Trusts and Corporate specialists to offer a comprehensive service to make sure that every detail has been accounted for.

Divorce and Civil Partnership

No matter the circumstances, a divorce or civil partnership dissolution is always like to be a difficult time, with a range of emotional and practical challenges to overcome. While the process of obtaining a divorce has been streamlined with the introduction of The Divorce, Dissolution and Separation Act, it is still vital that you have an expert on your side to help you navigate the process with confidence and to ensure your financial security is not put at risk.

Our expertise ensures that we can advise you on every aspect of your divorce or civil partnership dissolution, from the formal application process through to additional arrangements for your finances and children.

Pre and Post-Nuptial Agreements

Pre- and post-nuptial agreements may not seem like the most romantic notion on the surface. Equally, many people may believe that such an agreement is only accessible for the rich and famous. This is far from the case.

Pre- and post-nuptial agreements have grown in popularity in the UK, and for good reason. For many couples, these types of agreements can be a highly effective way of determining how assets will be handled during a future separation, reducing the potential for disruptive and costly disputes.

Our Family Law Solicitors and Lawyers can provide bespoke advice in relation to pre- and post-nuptial agreements, helping you to consider what should be included, or respond to any documents that have been sent by your partner.

Child Arrangements

Making arrangements for your children in the wake of divorce or separation is extremely important. While in many cases couples are able to come to a voluntary agreement, there may be situations in which an application to court is required.

Our team will work alongside you to establish what arrangements are best suited to you and your children, ensuring that you have the support you to achieve a resolution, including in situations where a court order will be required.

Cohabitation Disputes

Despite popular belief, cohabiting couples do not have the same rights as married couples or civil partners. This can have a range of potential consequences, particularly in the event of a future separation.

Cohabitees have minimal protection during separation, so it is vital that you understand exactly where you stand and what your options are if you find yourself in a cohabitation dispute with your former partner.

Our Family Law specialists can advise you on your position and responsibilities, as well as guiding you through the necessary steps to take to protect both yourself and your children.

Collaborative Law

The Collaborative law process is a method of dispute resolution that can act as a viable alternative to court proceedings during divorce and separation. During collaborative law, both parties appoint a Solicitor who is specially trained to support them during round table meetings, agreeing on the practical details of the separation.

You can arrange an initial meeting with our collaborative lawyer Michaela where she can take a closer look at your circumstances and determine whether it is a suitable process for your separation.

Resolution Together – 1 Lawyer, 2 Clients

Resolution Together is a new initiative designed to allow a single Family Law Solicitor or Lawyer to work alongside a couple jointly, as opposed to one individual, during a divorce or separation.

This method of resolution is likely to be ideal for a wide range of separating couples, including those that intend to make a joint application for divorce.

Taylor Emmet is currently one of a small number of firms in Yorkshire that offer the Resolution Together service.

Domestic Abuse

In every instance, your safety, and that of your family, is paramount. Our empathetic Family Law Solicitors and Lawyers have substantial experience and, with members of our team Resolution specialists in handling cases of domestic abuse - we understand the impact domestic abuse can have on the health of you and your family.

We will handle your case with sensitivity and tact, guiding you through all of the legal options that are available to you, including applying to the court for orders under the Family Law Act 1996. We have a legal aid contract, which means we are able to offer legal aid for anyone eligible.

Separation Agreements

There are many reasons why formal proceedings won’t be the right option for couples who intend to separate. Whether it’s because you are undecided about the current status of your relationship, or you simply wish to try a temporary period apart from one another, it is sensible to consider the alternative options that are available – such as a separation agreement.

Separation agreements are legal documents which couples can prepare, confirming the practical arrangements they have made following a separation. They can be used by married couples, civil partners, and cohabitees.

Child Support

Our Family Law Solicitors and Lawyers can help ensure that you are able to find a solution that provides the right level of financial support for your children now and in the future.

We understand how sensitive matters involving your children are likely to be. As such, we are committed to promoting an amicable approach to resolving any disputes that may arise surrounding child support, avoiding lengthy legal battles wherever possible. That said, if court proceedings are required to find a solution, you can be certain that you will receive robust representation and diligent legal advice.

Frequently asked questions about Family Law

What is family law?

When we talk about ‘family law’, we are typically discussing any legal matters that are related to family relationships. This could involve marriages, civil partnerships, cohabitation, parents and children, and the individual arrangements that are made in relation to these relationships.

Family law can also cover various other matters, such as change of name and domestic violence.

What does a Family Solicitor or Lawyer do?

Family Solicitors and Lawyers play a vital role in helping individuals, couples and families to navigate the various hurdles they may be confronted with when dealing with a legal matter.

Exactly what role a Family Solicitor or Lawyer will play will vary from case to case. In addition to providing legal advice that confirms someone’s rights, responsibilities and options, a Family Solicitor can also help parties in dispute to work towards a fair and just resolutions, as well as providing representation during court proceedings.

How much does a Family Solicitor cost?

The fees you may be expected to pay for family law services from a specialist Solicitor or Lawyer will vary from case to case and will depend on a wide range of factors. Once we have a clearer understanding of what your case involves and the level of support you require, our team will be able to advise you further on what the likely costs will be. Legal aid may also be available in certain circumstances, depending on your eligibility.

How can we avoid going to court?

There are a number of methods of dispute resolution which can all be used to help avoid the prospect of having to head to court.

At Taylor Emmet, we are the only firm in Sheffield to offer the full range of options, meaning we are well positioned to help you find a solution to your matter while keeping conflict to a minimu.

Our expertise includes Collaborative Law and Resolution Together, all of which our team can advise you on in detail.

Is it better to have a Solicitor in the family court?

There may be a situations whenre it is necessary to take a case to the family court in order to achieve an outcome that is in theyour best interests of you andand those of your children. In every case, it will always be more beneficial to have a dedicated Family Law Solicitor or Lawyer on your side, who will be able to understand the intricacies of your case and the legal processes involved, significantly increasing your chances of achieving a positive outcome.