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Divorce can be a difficult time, especially when it comes to a financial settlement. Primus Solicitors in Manchester can help you navigate through this process. Read on to learn more about divorce & financial settlements, how assets are split, and how pensions are handled.
During a divorce, a financial settlement is when the division of assets and other financial matters, such as ongoing support, are decided and recorded as financial orders.
When a couple divorces, the division of assets can be a contentious issue. The court will consider several factors, including each party’s income, earning capacity, property, and other financial resources. The court will also consider each party’s future financial needs and the family’s standard of living before the breakdown of the marriage. A judge may issue a clean break order, preventing either partner from making a financial claim on the other.
There is no clear formula to determine what happens to shared property after a divorce. Each party’s housing needs and their ability to meet them are usually the most important factors. In situations where a weaker party has additional children to house, they may require a larger portion of the assets.
When two people are married for a longer period, the question of what happens to each partner’s pension becomes a major concern. The court usually deals with pension issues in one of three ways: pension sharing, pension offsetting, or pension attachment.
There are no absolute rules for dividing assets in a divorce in the UK if your marriage breaks down. In any event, there are several principles that are usually followed, and it is important to consider all circumstances when deciding on a financial settlement.
If a marriage breaks down, there are no absolute rules for dividing assets in a divorce in the UK. Generally, there are a few principles that should be followed when deciding on a financial settlement, and all factors should be considered.
Dividing assets in a divorce can be complicated. Even though they are not listed on the title deeds or mortgage, the other partner may be entitled to a portion of the property value if he or she owned it prior to the marriage. When it comes to dividing a house in divorce, or any other assets, there are many factors to consider. Get expert legal advice by contacting Primus Solicitors today to provide you with more in depth information about divorce & financial settlements that you may require.
The family home may be treated differently in a divorce settlement agreement than some other assets, especially if children are involved. The courts will always look at what is in the best interests of children first and may issue a property adjustment order as part of the financial settlement between parents.
In some cases, all three elements (property, money, and pension) are bound together in a one-off settlement, and neither party can make further claims against the other. This is commonly referred to as a “clean break”.
Hire our specialist Family Law solicitors to help you through this process and ensure a successful outcome for your divorce & financial settlements application. Contact us today to learn more about our services and how we can help you with your family matter.