A financial divorce settlement is an agreement between two adults who have agreed to legally separate and also agree to separate their assets acquired within marriage once the Final Order is granted by the Courts. Once an agreement is reached between the parties, the legal Representatives can draft a Consent Order stating the agreed settlement. Consent Order can be discussed and finalised during the divorce “cooling off period and can only be sent to the Court once the Conditional Divorce Order is granted by the Court.
Consent Orders are legally binding documents once they are sealed by the Courts and there is no going back on the agreement made which is why clients are asked to think carefully on the content of the order and legal advice is recommend.
What will I be entitled to in a divorce settlement?
Your financial entitlement following a divorce depends on a number of factors and there are no specific guaranteed entitlements for either party. The matrimonial assets which can be discussed between the parties can include the following:
Family home and other property including those owned individually;
Savings, investments and trusts;
Joint bank accounts;
Life insurance policies;
Furniture and appliances; and
Financial support such as Spousal and Child maintenance.
Non matrimonial assets are treated differently to matrimonial assets. Matrimonial assets are assets acquired during the parties’ marriage. Any financial asset acquired before or after the marriage are considered a non-matrimonial asset. Such assets can be protected by a prenuptial agreement if one was in place.
Financial divorce settlement also takes into account the division of any debts, loans or credit cards acquired throughout the marriage.
How does child maintenance work?
In the event that there are children of the family involved then both parents are expected to pay towards the cost of raising them until they are at least 16 years of age. These arrangements can be made between the two parents, however if this is not possible then the Child Maintenance Services can be contacted in order to put these payments in place.