How to Secure Your Financial Future with Divorce Financial Settlements

As matrimonial solicitors, RDC Solicitors are well versed in dealing with the many concerns that can arise when a relationship comes to an end. Relationship breakdowns can be difficult, not to mention the stress surrounding the financial settlements that inevitably have to be reached. In some cases, separating couples are able to reach an amicable agreement between themselves. They may wish to participate in honest voluntary disclosure through solicitors or choose to apply to the Court in order to reach a resolution. However, oftentimes the process is more complicated.

You will doubtless have many questions that are causing you concern, such as what is going to happen to the house? What about pensions? Should there be a division of savings? What about the payment of maintenance? So, what are your options for securing your financial future when it comes to financial settlements?

Assessing your Financial Situation

One of the first things to do in the event of a separation is to thoroughly assess your financial situation, both as individuals and as a couple. If things are amicable and communication is good, it’s a sensible idea to begin to build up an accurate assessment of your current state of affairs including a monetary figure outlining what you have, how much you owe, and how this could be split.

Instructing a Solicitor

If you’re able to agree on how your assets will be divided, it’s important to make sure the agreement is legally binding. The best way to ensure this is by allowing a solicitor to draft a financial consent order.  It can then be sent to the Court to be checked by a Judge to ensure that it is fair and reasonable before it is endorsed by them to make it a legally binding Order.

If you can’t agree, which is very common in the event of divorce or separation when emotions are running high, it will be necessary to apply to Court to achieve a resolution. Here at RDC, we always advise that a solicitor is instructed to ensure the best financial settlement for you. However, it’s not uncommon for this to be a complex process including several considerations ranging from the financial needs of the parties and the needs of any children, the current earnings of both parties, and the contributions that both parties have made to the marriage. With so much to consider, it’s always advised that a solicitor is instructed to keep the process as fast moving, straightforward, and stress free as possible.

The Importance of Cutting Financial Ties

Many people mistakenly assume that after a separation or divorce, financial ties between the two parties are immediately broken. This isn’t necessarily the case and financial association can continue unless you request a notice of disassociation from the credit reference agencies. Being financially associated with someone will show up on your credit report, including joint accounts, mortgages, or any other credit such as a loan or joint credit card accounts. In order to break any link between your credit and your former partner’s, you will need to apply for a notice of disassociation after the matrimonial assets have been split and transferred into sole names.

Help Reaching a Financial Settlement

Here at RDC Solicitors, we will do our best to answer any questions you may have and to assist you in reaching a financial settlement. Whenever possible, this will be achieved on an amicable basis through negotiation. When appropriate, we will advise you on alternative methods of resolving these issues, such as mediation and the collaborative approach. If a settlement cannot be reached, then we have plenty of experience of court proceedings and can guide you through the complexities of the process.

Here at RDC, our Family Department conducts an initial 30-minute consultation at no cost for a preliminary discussion. To arrange an appointment please contact one of the team on Bingley 01274 723858, Ilkley 01943 601173 or Bradford 01274 735511.