02 June 2015
Options For Dividing Assets Following Divorce or Dissolution
Going through a divorce or dissolution can be emotionally draining. It is important, therefore when it comes to resolving financial matters that you choose a process that is right for you.
There are many ways to reach an agreement in respect of financial matters without having to become involved in court proceedings.
You and your spouse may be able to reach an agreement together.
If this is not possible you could consider one of the following options:
This is a private and confidential process where you and your spouse meet, together with an impartial third party. This person is a trained mediator and they will help you both come to an agreement through a number of meetings. As the mediator is impartial they cannot advise you (or your spouse) individually however you should appoint a Divorce Law Solicitor who can advise you throughout the process.
The collaborative process involves you and your spouse sitting down together with your solicitors in a series of meetings. During those meetings you can explore different ways to resolve your financial affairs. The solicitors you choose must be trained in collaborative law. Through this process, you have the benefit of your solicitor's expertise during the meetings.
If you would prefer not to sit down at a meeting with your former spouse your solicitor can negotiate with them or their lawyer on your behalf with a view to reaching a financial agreement. This is usually done in correspondence.
Whichever process you choose it is likely that you and your spouse will be required to disclose details of your assets, income and liabilities. This must usually be supported by documentation. This is to ensure that your negotiations are based on you both having a full understanding of the other’s financial position. It is important to provide sufficient evidence because if either person is not satisfied it can prevent negotiations through any of these processes being successful.
Whichever process you use to reach an agreement in respect of financial matters the terms of the settlement should be set out in a court document known as a Consent Order. This is sent to court for consideration by a judge. If approved the terms are then binding on you and your spouse. This offers you both certainties for the future.
Slater and Gordon Lawyers have offices in England and Wales and can advise on all aspects of family law and divorce.
For an initial consultation call freephone 0800 916 9055 or contact us online and we'll be happy to help.
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Wednesday 21st November 2018