Managing Asset and Financial Division in Divorce with a solicitor’s firm who cares

Divorce isn’t just a personal transition; it’s a financial one. At NjP Solicitors, we understand the complexities of dividing assets and finances during a divorce. Our team of family solicitors is equipped to assist you, regardless of your location, with options for video conference meetings to facilitate ease and comfort.

The Essentials of Financial Division in Divorce

When divorcing, one of the key aspects to resolve is the division of finances, including assets. This can be settled either by mutual agreement or through a court application for a ‘financial remedy order’. It’s crucial to understand the types of orders available and how the law determines their suitability.

Types of Financial Remedy Orders

Periodical Payments: Regular payments from one party to another, typically known as spouse maintenance. These can be indefinite or for a specified period.

Lump Sum Orders: A fixed amount paid by one party to the other, either in one go or in instalments.

Property Adjustment Orders: These orders involve transferring or adjusting ownership of properties.

Pension Orders: Including pension sharing orders, these involve transferring part or all of a pension fund to the other party’s pension fund.

It’s important to legally formalise any financial agreement in a divorce with a ‘consent order’. This ensures the agreement is enforceable by law.

How Courts Decide on Financial Orders

The court’s starting point is generally an equal division of marital assets, adjusting only if there’s a valid reason. Factors considered include:

Financial Resources: The income, earning capacity, property, and other financial resources of both parties.

Financial Needs: Particularly income and housing needs, including those of dependent children.

Ages of the Parties: Especially relevant if approaching pension age.

Duration of Marriage: Longer marriages may lead to greater financial entitlement.

Financial Contributions: Including any wealth accumulated by either party before marriage.

Conduct of Parties: Only serious misconduct typically influences settlements.

Applying for a Financial Remedies Order

Given the complexity, it's highly recommended to seek advice from an expert family solicitor. Our team at NjP Solicitors is here to help you navigate these waters with expertise and empathy.

Getting the Help You Need

To discuss your situation and explore your options, book an appointment with us. You can reach us at 01952 618656 or via email at enquiries@njpsolicitors.co.uk. Let us help you manage the financial aspect of your divorce with professionalism and care.

Divorce is hard.

Divorce can be a challenging journey, particularly when it comes to splitting assets and finances. At NJP Solicitors, we are committed to providing you with the guidance and support you need to navigate this crucial part of your divorce process. Our aim is to ensure a fair and just resolution, giving you the peace of mind to move forward.

Contact Us

For advice tailored to your unique circumstances, contact NJP Solicitors today. We’re here to help you achieve a fair and equitable financial settlement in your divorce.