At Tracey Miller Family Law, our team strives to settle financial matters between parties as quickly as possible, preferably without full Court involvement.
Financial matters may arise when a marriage or civil partnership ends, and the parties in the relationship are entitled to financial claims against the other party in the event of a divorce or dissolution of a civil partnership.
Parties to the marriage or civil partnership may have claims against each other for income and capital, including provision and property. Both parties are encouraged to negotiate directly to reach a satisfactory agreement which can then be put into a Consent Order and approved by the court. Sometimes, however, this isn’t always possible, and matters may become acrimonious.
Financial claims are one of the most important parts of a divorce or dissolution and should be dealt with at the time of a divorce to prevent any future claims ( which can happen in some cases many years later) and they can affect how the parties will live their future lives. If your marriage or civil partnership has broken down, you should seek expert legal advice regarding your rights.
Tracey Miller specialises in financial settlements, particularly within divorce proceedings. For over 30 years, Tracey has dealt with cases ranging from thousands to millions of pounds, including properties, businesses, and pensions.
If you need to speak with top Family Law Solicitors in Liverpool, then why not call us today on 0151 515 3036 or 07795 060 211 for a free, no-obligation chat to discuss your options? Alternatively, you can fill out the form, and we’ll call you back at the most convenient time.
What Happens When the Court Is Involved?
If the Court becomes involved, it can make various Orders relating to the parties' income, capital, property and pension provisions to the Marriage/Civil Partnership. These Orders include property transfer, pension sharing and spousal maintenance.
What is Financial Settlement?
This is the process of resolving financial obligations or disputes between two parties. In legal terms, financial settlements often refer to resolving financial matters in a legal dispute, such as a divorce, lawsuit or contractual disagreement.
A financial settlement may include negotiation, mediation, or arbitration to reach an agreement on the financial terms, ensuring both parties are satisfied.
How Long Does Financial Settlement Take?
The duration of a financial settlement can vary depending on the situation's complexity, along with the parties and specific processes involved.
Generally, the timeline for financial settlements varies from a few days (if there are no assets and a very short marriage) to several months or longer.
There are a few factors that can influence the duration of a financial settlement:
- The complexity of the matter
- Cooperation between parties
- Legal or regulatory requirements
- The complexity of documentation and paperwork
- Dispute resolution methods
Consider all these factors before starting the financial settlement process.
What Happens at The First Hearing of a Financial Settlement?
During the first hearing, the District Judge addresses any issues and encourages both parties to negotiate. Any procedural matters are dealt with, and then directions are given by the Judge about how the case should be conducted in the future.
This first appointment takes place privately, “in Chambers”, usually around a large set of desks in the Judge’s room. People present include the judge, the parties and the legal representatives. A solicitor barrister may represent you.
How Is Financial Settlement Calculated in Divorce?
Financial settlements are calculated based on a variety of factors. This includes:
- Asset Division – The assets identified and valued that were acquired during the marriage, such as property, investments, pensions, businesses, vehicles, and personal belongings. These assets are typically divided equitably or equally between the spouses.
- Marital Debts – This may include mortgages, loans, credit card debts, and any other financial obligations incurred during the marriage. The responsibility for these debts may be based on various factors, including who incurred the debt or can re-pay.
- Spousal Maintenance Support – This refers to the financial assistance provided by one spouse to the other after divorce. The amount and duration of spousal maintenance payments depend on factors such as the length of the marriage, income disparity between the spouses, how much each spouse earns, and the standard of living established during the marriage.
- Child Support – The calculation of child support varies across the law courts. Generally, it considers factors such as the income of both parents, the custody arrangement, and the specific needs of the children.
- Other Factors – Additional circumstances such as the age and health of the parties, the contribution of each spouse to the marriage, potential tax implications, future earning potential and any prenuptial or postnuptial agreements are all considered.
What Is a Fair Financial Settlement in a Divorce?
There is no one-size fits all approach to receiving a fair financial settlement after a divorce. Each case is unique, so various considerations and factors must be considered when determining reasonable compensation.
The factors to consider when deciding a fair settlement include the following:
- Assets and Debts
- Income and Earning Potential
- Duration of the Marriage
- Standard of Living
- Parental Responsibility and Support
- Spousal Maintenance Support
- Other Factors such as Age, Health of the Spouses, Contributions to the Marriage, etc
Divorce settlements may be negotiated between the parties, attained with the assistance of a mediator, or issued by the court system.
It is customary for couples to solicit professional legal advice from lawyers who can offer direction regarding the specific laws concerning their jurisdiction.
How Much Does a Financial Settlement Cost?
The cost of a financial settlement in a divorce varies on a case-by-case basis.
For straightforward cases, with an early agreement, the typical cost is around £3000 to £5000 (plus VAT).
In cases which require additional mediation or negotiation to settle, this can typically cost £5000 to £7000 (plus VAT).
When cases proceed to court, the costs can be considerably more – typically in the region of £10000 to £20000 (plus VAT).
Here are some of the potential costs to consider:
- Lawyer or Solicitor Fees – Hiring divorce lawyers to represent each spouse can have significant costs. Hourly rates or flat fees may be applied, and the overall cost will depend on the complexity and duration of the case.
- Mediation or Collaborative Divorce – If parties opt for mediation or collaborative divorce, the cost is lower than traditional litigation. However, there are still fees associated with these services. Mediators or collaborative divorce lawyers charge hourly rates or expenses, which can vary depending on the location and the professionals involved.
- Court Fees – Should the divorce proceed to court, it may be necessary to pay filing fees and court-related expenses. The costs of these fees can vary based on the jurisdiction and may encompass fees for filings, motions, and court appearances or hearings.
- Expert Fees – In complex financial situations, experts such as forensic accountants, business valuation experts or real estate appraisers may be required to assess and provide opinions on financial matters. These fees can add to the overall cost of the financial settlement.
- Other Costs – Additional charges, such as document preparation, photocopying, postage, travel expenses, and further essential consultations with financial advisers or tax professionals, may apply.
Am I Entitled to Spousal Maintenance After A Divorce?
A claim for spousal maintenance can be made after your divorce if you do not have a clean break consent order.
When a clean break happens, then there are no spousal maintenance payments.
There’s no guarantee that your ex-partner won’t try to make financial claims against you in future, and the only way to prevent this is with a court order.
Can A Divorce Financial Settlement Be Reopened?
It is rare for a divorce settlement to be reopened. In some cases, this may be possible under the following circumstances:
- Fraud or Misrepresentation
- Material Change in Circumstances
- Non-Disclosure of Assets
- Agreement Violations
- Legal Errors or Mistakes
The process for reopening a financial settlement varies by jurisdiction, and specific time limits or statutes of limitations often apply.
Can I Remarry Before Financial Settlement?
If you remarry before your financial matters are resolved, in certain circumstances you may be prevented from applying for a financial order through the courts and a change in your household income could prejudice your position if your ex decides to make a claim against you.
We Are Experts in Resolving Financial Matters
Our family law lawyers are here to help with all aspects of financial matters. We have expertise in resolving various financial issues and will work with you sympathetically to help provide the best arrangements for you and your family after divorce.
What our clients say about our family law services and solutions
“What impressed me most was the consideration given to my financial circumstances. I was not treated as another pound in the till (as was my experience with another firm) but as someone whom you actually wanted to help, and I’m very grateful for that.”
Ian Boden, Liverpool
“Tracey acts in a professional manner, doing the absolute best for her clients, as well as keeping costs down; she is quick and efficient and does everything in her client’s favour.”
How to contact the best family law solicitors in Liverpool
If you seek comprehensive advice about financial matters following a divorce or dissolution of marriage or any aspect of family law, please call Tracey Miller Family Law at 0151 515 3036 or 07795 060 211 for further information.
Alternatively, you can email email@example.com.
Or you can fill out our online form, and one of our friendly team of top divorce and family solicitors in Liverpool will get back to you immediately.