Why choose Crisp & Co to help with your divorce financial settlement?
For years, we’ve helped clients from all walks of life to reach agreements regarding the division of their matrimonial assets. We do it because we care. We know that when a household is split in two, you want nothing more than security and protection for yourself and your children.
With a practice entirely dedicated to family law, you can trust our team of divorce solicitors to handle every aspect of your separation with ease. Together, we’ll work to secure a financial settlement that allows for stability within your family despite the divorce.
Fully qualified in all areas of Alternative Dispute Resolution, our expert negotiators will be by your side from start to end to encourage discussion and actively promote resolution. When negotiating an agreement with your ex-partner, you need a professional to guide you through the conversation to achieve your desired outcome.
For that reason, our solicitors will always take the time to understand your relationship and the breakdown on an in-depth level, in order to provide pragmatic advice that’s tailored to your situation.
How can Crisp & Co help me negotiate a reasonable divorce financial settlement?
With a dedicated solicitor to help navigate you through critical financial discussions to an agreement, and a team of specialists on board to answer any of your questions, you can always rely on Crisp & Co. As lawyers, our approach is strategic, bespoke and well-informed. As trusted advisors, we’re personable and passionate about what we do.
With strong negotiation techniques that inspire trust and compromise from the other side, you can rest assured that we will give our all in finding a solution that provides you with the security and stability you deserve.
To discuss your divorce settlement today, please get in touch with our expert solicitors at Crisp and Co.
What is a divorce settlement?
Commonly referred to as a ‘divorce settlement’, a financial settlement in divorce is a legally binding written document that details the exact division of matrimonial assets, spousal maintenance as well as any property matters.
Any financial matters that will be affected by the divorce should be covered within this document. Where possible, this agreement should be reached before the divorce itself is finalised.
How are financial settlements negotiated in a divorce?
A reasonable divorce financial settlement can be agreed upon at any stage during the divorce process. Depending on the level of cooperation from both parties, an agreement can be reached in various ways.
When you instruct Crisp & Co to assist you with divorce proceedings, we will attempt to secure a fair financial settlement through skilful negotiation tactics. This involves both parties as well as their dedicated solicitors coming together to discuss each and every aspect involved in the settlement. We’ll be right by your side to encourage compromise and trust from your ex-partner, and actively make suggestions regarding the settlement. If negotiation is unsuccessful, both parties should attempt to find a resolution through mediation.
This involves both you and your partner attending mediation sessions with an independent mediator who will guide you through discussion to an agreement using specialist dispute resolution techniques. If an agreement still cannot be reached through mediation regarding the divorce settlement, court proceedings may follow.
Can I get a divorce without a financial settlement?
Getting divorced is the process of ending a marriage and severing the ties you had as a couple. Without agreeing on a financial settlement, financial ties will not be severed and no terms will be officially agreed upon. While it is possible to divorce without a financial settlement, it is not seen as beneficial to either party to split without one.
If you are concerned about protecting your finances during divorce, our divorce settlement solicitors can provide all the advice you’ll need.
My partner and I never married, can we still get a financial settlement?
As an unmarried couple, you and your partner will not share the same rights as a married one in separation. However, children will always be considered first and foremost, and under Schedule One of the Children Act of 1989, the court can still make financial orders for child care costs e.g school fees and higher education. However, other than this, cohabitees currently have no automatic claim against each other in regards to property and assets held in the sole name of one party or their income.
What is a clean break divorce settlement?
While filing for divorce severs the marriage contract between both partners, it does not affect the financial ties between the two. Applying for a Clean Break Order stops your partner from being able to claim for a share of your income, your assets, your property or your pension. Without a Clean Break Order, your spouse could claim for a share if you were to inherit or come into a great deal of money. While the Clean Break Order severs financial ties, it does not mean the partner paying spousal or child maintenance escapes responsibility.
Who gets what in a divorce settlement?
Who gets what in a divorce financial settlement depends on the circumstances of the case. The settlement should be a fair division, based on the divorcing couple, their lifestyle and their financial situation. When a financial settlement is determined, factors that are taken into consideration are:
- The income and earning capacity of both parties
- The financial resources and needs of both parties, now and in the future
- The standard of living experienced by the couple prior to the relationship breakdown
- Financial responsibilities to any children
- How long the parties were married
- Any health condition that either person may have, and their financial needs related to this
Can you get a Clean Break Order after divorce?
Yes, you can get a Clean Break Order after getting divorced. This order is used to sever financial ties between a divorced couple, meaning that either has the right to raise a financial claim against the other later down the line.
Once you have reached a divorce financial settlement with your ex-spouse, you are well advised to obtain a Clean Break Order, protecting your financial interests now and in the future.
Going to court for a divorce financial settlement
To negotiate a divorce financial settlement, divorcing couples are encouraged to attempt out of court processes such as mediation or negotiation where appropriate. If it is not possible to reach a settlement out of court, you will need to go to Court, involving the following
- Completing an application for a Financial Order
- Providing a financial disclosure as a basis for the divorce financial settlement
- The parties will go through a Financial Dispute Resolution process, involving a first appointment, an FDR hearing, and a Final Hearing if necessary
- As a result of the Financial Dispute Resolution Hearing or the Final Hearing, the parties will either come to a financial settlement agreement, or the judge will decide on an appropriate financial settlement
How is a divorce settlement calculated?
The starting point for financial settlements in a divorce is a 50/50 split, however, it is not commonplace for a divorcing couples’ finances to be divided equally. Finances are divided according to what is considered fair in the situation, various factors are used to determine what is fair, including:
- The financial resources and needs of both parties
- The income and earning capability of both parties
- The needs of any children involved
- The age of both parties and duration of marriage
What is a high net worth divorce settlement?
A high net worth couple is a significantly wealthy couple, possessing assets and financial resources that exceed their reasonable financial needs. A high net worth divorce settlement refers to the process whereby the couple will reach a financial agreement and divide their assets, as part of the divorce process.
Reaching a high net worth divorce settlement can be complicated. A high net worth marital plot tends to include a multitude of financial resources, many of which can be difficult to value and divide. These may include:
- Businesses or limited companies
- Investments, including offshore investments
- Inherited wealth and assets
Our expert solicitors at Crisp & Co have much experience with high net worth divorces. We can help clients to ensure that a full financial disclosure has been provided, as well as to protect their wealth and assets. Where issues arise, for instance, one party suspects the other of hiding assets, our specialist team can provide guidance.
What happens to a limited company in a divorce settlement?
When going through a divorce financial resources and assets are divided fairly according to various factors. A few of these factors include the needs of both parties, income and earning capacity, and the quality of life experienced before the marriage broke down.
If you own a limited company, it may be included as part of the marital plot. This could be the case even if are the sole owner of your company, and it was acquired before you got married.
Where the business has provided a substantial income for both spouses, the court are likely to consider it fair to include the limited company as part of the divorce settlement.
Limited companies can be divided in various ways when a couple are getting divorced, including:
- Offsetting
- Buying out
- Spousal maintenance
- Selling the business
Can you get a divorce without a financial settlement?
Technically, it is possible to get a divorce without a financial settlement. But this is not advised.
Even where your divorce is amicable, failing to obtain a financial settlement will leave you financially tied to your partner, which could cause issues in the future. Without a financial settlement and a clean break order, your ex-partner is free to make a financial claim against you at any point further down the line.
Contact our divorce financial settlement solicitors
Whichever stage of the divorce proceedings you are at, seeking specialist assistance to negotiate a financial settlement is a smart move.
Here at Crisp & Co, our trusted divorce settlement solicitors are at hand to provide pragmatic advice and guidance through the process. Just give us a call on 020 3613 3505 today.
