Financial settlement is how you and your former partner plan to divide your joint assets. These joint assets can be, investments, property of real estate, cars, savings. If this settlement can be agreed amongst both parties, then you could avoid court hearings.
In ensuring a divorce runs as smoothly as possible we require full disclosure of our client’s financial assets. This allows us to protect your financial interests as effectively as possible in reaching an agreeable settlement. Ordinarily a financial settlement will be able to be met by mutual agreement between separating partners and their solicitors, in this care we will provide mediation services to ensure your interests are looked after.
It is also normal for court procedures to be used to resolve a financial settlement. This may be appropriate where maintenance, pensions or transfer of property is at issue for example. In this case, we will provide representation and guidance on resolving any problems.
Monetary assets may also need to be divided because every marriage and divorce is different. There are no hard and fast rules regarding division of assets on divorce. When dividing assets, the Court and solicitors will take account of various factors when advising their clients. These factors include but are not limited to:
-Income and earning capacity, property, and other financial resources that each spouse has or is likely to have in the foreseeable future.
-Financial needs, obligations, and responsibilities, which each spouse has or is likely to have in the foreseeable future.
-The standard of living enjoyed by the family before the breakdown of the marriage.
-Any physical or mental disability of either spouse.
-The contributions that each spouse has made or is likely to make in the future to the welfare of the family.
-Conduct of each spouse, if that conduct is such that it would be unfair to disregard in the opinion of the Court.
-The value to each spouse of any benefit that one spouse would lose because of the divorce. Where no such agreement can be reached further expert guidance and advice will be sought.
Ancillary relief is the legal term for a financial settlement, it can be negotiated within or without applying to the Court. If the divorcing couple cannot reach an agreement, then the concerned party may request for the court to consider how the matrimonial financial assets will be divided after the divorce through an Ancillary Relief application.
An Ancillary Relief application is an application to the court, concerning the division of finances following the divorce. The Ancillary Relief proceeding will consider both parties’ needs and will therefore divide the matrimonial assets as deemed necessary. Certain factors such as childcare within the divorce, often results in one party receiving a higher financial settlement than the other party.
Either party within the marriage can apply for Ancillary Relief by addressing the court.
At P.A. Duffy & Co. we understand that divorce and separation can be difficult and numbers regarding financial settlement can get complicated. Our divorce solicitors will walk you through the process and help ensure that your interests are protected.
Should you require any advice on any aspect of Family law, our experienced and knowledgeable family law solicitors are here to support you every step of the way. You can trust P.A. Duffy & Co. to handle your query with great sensitivity, expertise, and care.
Using us will mean that the job is done as quickly and efficiently as possible. Getting the right divorce legal advice can help guide you through the divorce process and the difficulties of what can be an emotional rollercoaster.
We would encourage our clients to look at our reviews on the website. You will see the positive comments from their past clients. This can help you relate their experience to your own situation.