Divorce Financial Settlement

 

The financial settlement that is agreed during a divorce is usually based on the financial situation of each party. A divorce financial settlement can vary in size and complexity, depending on the circumstances and behaviour of each party. In some cases, spousal maintenance (or alimony) can be ordered from the former spouse. Spousal maintenance is money paid to a spouse after the divorce, often because one of the spouses can't support themselves outside the marriage. Spousal maintenance is often ordered after marriages where one spouse earned most of the marriage's income. Find here the Bristol divorce solicitors who can help you with divorce financial settlements.

 

One-third of divorce cases involve shared assets. This amount can range from PS500,000 to one million. The most common shared asset is real estate property, which often serves as the family home. If the property is not sold, the courts can order the sale of the property and determine how the proceeds should be divided. It's important to note that courts do not automatically assume that the assets should be equally divided, but will assess each party's situation to determine what is fair and equitable for both parties.

 

The financial settlement process can be initiated by mutual agreement, a consent order approved by the Court, or by applying for a divorce financial settlement order from the court. The latter involves stronger negotiation and presentation skills, but may be less costly. Both parties must attend court hearings personally. Failure to comply with Court orders may lead to costs implications. An application for divorce financial settlement is filed with the courts by completing Form A, which must be accompanied by a PS255 if the parties don't consent to it.

 

In some cases, couples can reach an agreement regarding financial settlement terms without going through a court process. However, in these cases, a financial settlement may not be possible. If the parties cannot agree, they can apply for financial remedy proceedings. If the parties do not agree, the court will impose a financial remedy order - a final settlement of all financial claims. However, these proceedings may be costly, and the divorce solicitors should be retained to help them work out an agreement. You can find here the divorce solicitors who can help you with the Divorce financial settlements.

 

Divorce financial settlements can take a long time. However, it all depends on how amicable the separation was and how complex the financial affairs are. In cases where there are no major disputes, a financial settlement can be reached in months or even years. So, how long will the financial settlement process take? A divorce financial settlement can last up to a year or more. However, if the split is amicable, the process can be completed much sooner.

 

In addition to the marital assets, non-matrimonial assets may also be included in a divorce settlement. For example, an inheritance may be used to buy a property during the marriage. This would be deemed matrimonial. These assets, if included in a divorce financial settlement, are not split 50/50, and will be distributed according to the needs of both parties. The court will try to meet the needs of both parties, while still allowing each spouse a certain amount of alimony. Fore more detailed info on this topic, view here: https://en.wikipedia.org/wiki/Divorce.