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What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.


Timing of financial settlement

  • Listener
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14 Jun 12 #336796 by Listener
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Can anyone advise please? Should the financial settlement be agreed before or at the same time as divorce or doesn''t it matter? Also why would I have a deed of separation instead of divorce? Would that be better until we.ve sorted out financial matters? Been separated 3 yrs and starting to move things forward now. Thankyou

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14 Jun 12 #336804 by epitome title
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Hi

Don''t get to Absolute stage before sorting out the financials, you need the Nisi before embarking on the route of Ancillary Relief but whatever you do, don''t get the absolute before you have a sealed consent or court order

Kind regards

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14 Jun 12 #336805 by Fiona
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A Separation Agreement may be used to separate the finances before divorce. In England & Wales a separation agreement isn''t legally binding in the same way as a commercial contract but as long as there is full disclosure, both parties took legal advice and the order is fair (complies with the law) it will carry considerable weight and an order of the court may be made in the same terms as the agreement.

The advantage of a separation agreement is that it can be agreed early on and the divorce dealt with later when emotions aren''t running so high. The disadvantage is that a separation agreement will need to be turned into a Consent Order to settle the finances on divorce so there are additional legal fees. Any extra cost might be worthwhile if it means that a couple can divorce amicably.

The courts cannot make an effective final court order settling finances until after the first part of divorce has been granted. usually the practice is to apply for divorce, then agree the finances and submit a draft consent order to court for approval and finally apply for the divorce Absolute decree. It is possible to divorce before the absolute but a party might be financially disadvantaged by no longer being married because they loose pension death benefits if their spouse dies or matrimonial home rights.

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