Settling the finances of a couple following a separation, whether between a married couple or from a civil partnership, can be a major cause of friction and dispute.
Should you separate from your partner or spouse, and you have children the whole issue of financial settlement can become very complicated indeed.
Should you find yourself in a situation in which a financial settlement has to be reached, it is important that you have adequate and experienced legal representation.
At Khan McKenzie Solicitors we have a great deal of experience in family law, including the financial aspects of divorce or separation. Our offices in Birmingham and Wolverhampton will both be able to assist in ensuring a fair and reasonable settlement, and in the event that there are children to be considered, we will put their wellbeing to the fore in all dealings.
Whenever possible, it is recommended that you try to reach a settlement before the matter goes to court, as the court has a wide range of powers at its disposal and may hand down a settlement that is not to your liking or advantage. A solicitor will be able to offer advice on what might be considered a fair division of assets, and should be able to highlight for you the options for, and advantages of, achieving this.
You and your partner or spouse may want to seek mediation before going to court. There are a number of mediation services available, but you should be advised that while a mediator can offer suggestions, it will still require you to have a solicitor to advise on all the possible implications of any agreement, and to prepare the agreement in a form that the court will accept.
As for many families the family home is the biggest single asset there is a degree of importance placed on what will happen to this within any settlement.
What happens to the family home is firstly dependant on whether there are any children to be taken into consideration. If there are, it is paramount that a suitable home is maintained for them for as long as necessary.
If the family home is to be sold, and the proceeds divided (whether equally or otherwise) then it may be possible for both parties to re-house themselves adequately.
One alternative is that one party keeps the home, and the other party is allocated a larger share of other assets.
It’s common for a pension or pensions to be included in the assets to be divided, and this can be a very complex issue, which will almost certainly require that you take expert advice. Your solicitor will be able to help, and may be able to recommend a suitable independent financial advisor.
If the matter cannot be settled without going to court, then you should be aware that there will be a timetable laid out for you, and the various stages of settlement will follow this timetable.
As indicated above, the courts have a wide range of authority in the matter of financial settlements, and their decisions will be based on factors that you may have overlooked if you have failed to take adequate legal advice prior to deciding to go to court.
Keeping in view the financial difficulties of clients, we have tailored very reasonable and affordable costs structure for our Family Law matter clients. If you would like to discuss any matter related to Family Law, please contact us through phone +44(121)794 2000 or alternatively make an online enquiry and we will respond at the earliest opportunity. We are very flexible in arranging appointments and offer highly friendly and personalized service with very competitive costs.