Evaluation of settlement proposal
Once the decision has been made to divorce or separate, in the interest of making the process less stressful, couples often focus on getting divorced as soon as possible and only speaking to a financial planner once the divorce settlement is agreed.
While a solicitor focuses on the legal process of getting divorced, a financial planner will look at the life-long financial implications of a settlement proposal and importantly how they will work in the real world.
Involving a financial planner in the divorce process means they can not only help shape the divorce settlement, but they can also ensure you understand the future financial implications of the settlement proposal before you agree to the settlement.
Next steps: get in touch
If you require financial advice regarding your settlement proposal and whether it is going to provide future financial security, contact our finance team on: 01225 308333 or firstname.lastname@example.org
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Frequently asked questions
A divorce settlement agreement is the final legal agreement reached between divorcing (or separating) spouses as to child custody, child support, alimony (also referred to as “spousal support” or “maintenance”), and the division of property.
A full and final settlement means a financial arrangement ending all obligations and liabilities you and your ex-partner have to one another on foot of the laws of marriage or cohabitation.
The starting point is to add up the value of all the matrimonial assets and divide them 50:50. This is called the ‘yardstick of equality’. That ‘yardstick’ can move in favour of either of you because splitting everything equally isn’t always the same as splitting them fairly
Without dealing with finances and making a court order like a Clean Break Order or a Consent Order, your ex-spouse could still claim money against you in the future. So, if you were to win the lottery or inherit a sum of money your ex-spouse could claim some of it. So, while you can get divorced without a financial order, it is not recommended.