If you are divorcing or going through a civil partnership dissolution, sorting out what the financial and property arrangements will be in the future can be very difficult and stressful.

It is crucial that any settlement is properly documented to ensure you can rely on it in the future. If you are divorcing or dissolving a civil partnership this will be by means of a court order.  If this is agreed this can be done by a consent order approved by the court.  (If agreement can’t be reached ultimately either of you can ask the court to make a decision about the financial settlement, by making an application for a financial remedy order). If you are separating but not going through a divorce or dissolution at this stage a settlement would be reached by an agreement called a deed of separation.

Call one of our family law specialists on 0161 930 5151, e-mail us on familyteam@gorvins.com or complete our online form to discuss your financial and property matters upon divorce and how to protect you and your family.

What do you need to consider for your financial settlement?

There are different ways of dealing with the family home depending on the circumstances of the case which can include:

  • Selling the property;
  • Transferring it  to one spouse in consideration for a cash sum;
  • One party remaining in the property until the children grow up, in which case the other party may need to have a charge (secured loan) against the property or possibly it will be sold at that stage.

What other assets should be considered?

There may be other assets which are either jointly owned or in one party’s name such as savings, investments, policies or shares and some consideration will need to be given to what happens to these.

There may be business assets to consider, perhaps a family business which has been a joint venture or one of you has an interest in a business and so consideration needs to be given as to how to factor this into a settlement. This can be particularly complex and our family business team can assist you to ensure your wishes are carried out.

Pension and other finances?

One or both of you may have some pension provision and perhaps there is a disparity in the pensions you have. You will need to consider how this should be taken into account in a settlement. Possible options may be a pension sharing order or offsetting (i.e. the party with no or lesser pension provision takes a greater share of the other assets in lieu of pension).

You may have debts such as loans or credit card debts and need to consider how these should be reflected in any settlement.

You may have children and how their needs are going to be met is one of the considerations which will be key to your concerns when reaching a settlement.

How can Gorvins Help?

If you need help or advice on your financial and property matters or are thinking of divorce then speak to us on 0161 930 5151, e-mail us on familyteam@gorvins.com or fill in our online form at the top of this page.

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