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Financial Settlement

A financial settlement is a legally binding agreement that determines how parties’ assets are to be divided upon divorce or separation.

Our divorce solicitors Liverpool are able to provide you with advice with regards to an appropriate fair and reasonable financial settlement in your case.

To decide what is fair and reasonable the family court is guided by Section 25 of the Matrimonial Causes Act 1973. This act sets out a list of factors which the court must consider when determining a financial settlement.  The first consideration is the needs of any children.  Thereafter the court will various different factors such as:

  • The income and earning capacity of each party;
  • The current and future financial needs of each party;
  • The age of the parties;
  • The length of the marriage which will include time spent in a cohabiting relationship before the marriage or civil partnership began;
  • Whether there is any foreseeable change in either parties financial position in the future;
  • The standard of living enjoyed by the family before the breakdown of the marriage;
  • Whether any party has any physical or mental disability;
  • Both parties’ health, and whether their health will affect their future ability to earn/work;
  • Other contributions that a party has made to the welfare of the family including looking after the home or caring for the family.

Divorce Financial Settlements & Orders 

There are various orders available to the family courts and our divorce solicitors Liverpool are able to advise you as which are the most appropriate orders in your case.

Clean break divorce settlements

A clean break financial settlement can generally be achieved where there are no ongoing future financial commitments between the parties which means that they can become financially independent and there is no need to rely on each other for financial provision in the future.  It is important that a clean break settlement relates to spouses and civil partners and is not designed to sever financial contributions for any children eg child maintenance.

Property adjustment order

This involves transferring all or part of a property or asset from one party to the other.  This is often the family home but can also include rental or holiday homes.

Lump sum order

A lump order is a payment of a specific sum of money by one party to the other. The lump sum order can also be paid by way of a series of lump sums.

Periodical payments order (otherwise known as spousal maintenance)

A periodical payments order is a regular sum of money which is paid by one party to the other either for the parties benefit or for any children.  Payment is often weekly or monthly.  If appropriate, secured periodical payment orders can also be made to provide security for the payments. Our divorce solicitors Liverpool are able to provide clear advice as to whether spousal maintenance would be appropriate in your case.

Pension orders

There are various ways a court can deal with sharing pensions. Firstly the court may order a Pension Attachment Order which means that the person receiving the pension will become entitled to a proportion of their spouse’s pension but will have no influence over when or how the spouse takes benefits.  Alternatively, there may be a pension sharing order which means that one spouse receives a percentage of the other spouses’ pension.

In general, the person with the larger pension will share some of their pension with the person who has less by way of pension benefits.

Get in touch with our Divorce Solicitors Liverpool

Our divorce solicitors Liverpool will work with you to ensure that you understand the process and everything will be explained to you clearly so you know what options you have available.

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Thank you for all your support and professionalism over the past year. As you said, it’s sad the way things turn out, but in fact, I am now much better financially! – Divorce | Wirral

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Financial Settlement

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