The decision to divorce can be hard to reach, whatever the reason for the breakdown of your relationship. While some separations are more amicable, a topic that often spices things up is money. Both parties have their own views on what is fair and reasonable. Furthermore, if an agreement cannot be reached outside of court then a financial remedy order will be made. This allows a court to decide how finances will be split from property, assets to income. A family lawyer can guide you through the process and support you in keeping calm, clear and focused. Especially, during what can be an incredibly emotional time.
Here is a guide to divorce financial settlement remedies available in the UK.
What Are Financial Remedies?
Financial remedy proceedings are initiated when a couple cannot agree on how assets will be divided after a divorce. One party will apply for the court to make an order. In doing so they will award a settlement that they believe to be fair based on the circumstances. The courts consider a wide range of factors from the length of the marriage to the roles played and contributions. These extend beyond financial contributions including raising children and taking care of the home. Once an order is made it will be legally binding and break down the terms of the divorce settlement.
What Are The Different Types Of Financial Remedies?
The court has power to award a wide range of financial remedies and what is suitable depends on the individual marriage.
Here are the main types of financial remedy that a court will issue;
Spousal Maintenance
A maintenance order can be issued for a set period of time the court thinks is appropriate. This can cover lifestyle costs to keeping a home. They are normally paid monthly or on a set date regularly as decided by the courts.
Lump Sum Order
This is where a lump sum is ordered to be paid to one party which can also be paid in installments. The amount and terms depend on the parties finances and what the court thinks is fair and appropriate.
Order For Sale
The court can order one party to sell a property if the other has a beneficial interest in the home. This allows the easy split and transfer of equity between both parties.
Pension Order
A court may issue a pension order entitling one party to a share of the other’s pension. How much is awarded depends on the marriage and this often encourages a clean break divorce.
Clean Break Order
If both parties want to completely cut ties, a clean break order will be made finalising the split of assets and preventing further claims from being bought. This allows each party the freedom and certainty to move on.
How Can You Get Support During A Divorce?
If you are going through a divorce and need advice, having an experienced divorce solicitor by your side makes things a whole lot easier. The process can be very confusing and emotionally challenging, you are likely to have a lot of questions and not know where to turn. Financial settlement remedies are a complex area of law. Hence, understanding your rights and options help you make the best decision for your future. Waterstone legal’s team of compassionate family solicitors are pros at providing the warm, friendly hand you need at this time. From an initial consultation to full support throughout financial proceedings they can give you the support and clarity you need to move on in confidence.
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