Resolving financial issues on divorce
As devastating as the emotional impact of divorce may be, the practicalities quickly kick in. Agreeing arrangements for any children of the marriage generally takes priority, but resolving the financial situation is usually the most complex.
It’s sometimes difficult to know how to even start unravelling financial affairs that have been entwined for many years to ensure a fair division of assets and income.
There are several routes you can take to sort out the family finances. We’ll use our experience to support you throughout the process and help you to achieve the most practical, straightforward solution.
Direct approach
Sometimes things can be simple: if you can agree how to resolve your finances between you, we're happy to assist by drawing up the appropriate paperwork to formalise the arrangements.
Co-operative approach
This approach relies on the voluntary exchange of financial information between the parties. You will discuss how to resolve the situation with your solicitor, as will your former partner with theirs. An exchange of letters may be all that it takes, or just one or two meetings for an agreement to be reached. We can support you through this process, negotiating the best settlement and documenting the outcome.
Mediation
Some people like the idea of discussing their financial issues with an independent mediator. The mediator can't offer legal advice, but they may be able to narrow down the issues and help the divorcing couple to achieve an amicable settlement during the course of a series of meetings.
If you choose this route, it's also wise for each party to retain independent legal advice to verify and document the outcome. We can refer you to a professional mediator, and we often advise people going through the mediation process.
Collaborative law
The collaborative process is unique. Clients and their respective solicitors meet face-to-face for discussions and negotiations in an atmosphere of openness and communication. At the heart of the process is the formal commitment by the parties and their solicitors neither to issue nor threaten court proceedings. In fact, the parties all sign up to an agreement that if they wish to refer the matter to court, the respective solicitors will cease to act.
Many individuals feel that the collaborative process allows them to take control of shaping the final agreement which ultimately determines their future lives rather than have something imposed on them.
Please contact John Innes or any member of our team for further information.
