Financial Matters. Do I Need a Solicitor to Sort Out My Financial Arrangements Upon Divorce?

Family Law Financial Settlements - Newcastle and Sunderland

Imagine you are standing, making tea, when your husband or wife announces they have just initiated divorce proceedings online. You had no idea that this was coming and you are now in a state of utter shock!

Realising your marriage is at an end is one thing, but unfortunately, under the new No-fault Divorce procedure, you cannot stop the divorce proceedings. Whilst the court allows some time for financial negotiations to take place, in our view, this is a very short period of time to set about protecting your financial assets and the future of your children if you have any.

It can be daunting trying to deal with a Financial Settlement yourself. Both parties need to swap all relevant financial information, including pension details, lists of all assets, trading accounts in the case of self-employment and valuations in respect of any properties owned. Emmersons Solicitors Divorce Team can advise you as to exactly what you need to produce. We can spot any gaps in financial information your ex-partner produces; for example, we may find a small amount going out of a bank account each month and upon querying this it may lead to other assets that have been hidden from you.

After many years of dealing with Financial Settlements upon Divorce, we know how to negotiate and how to pitch an offer to settle a matter. We understand the criteria any judge relies upon if the matter proceeds to court and can use such criteria when negotiating with your ex-partner and/or their solicitor. Knowing how to negotiate a case often prevents the matter from reaching court in the first place.

We would need to look at pension valuations - it is never simply a case of splitting pensions on a 50/50 basis, as one pension may pay out far more per month than the other. By way of example, you may both have a pension valued at £ 100,000 but if one is a private pension and one is a government pension, then the latter will pay out far more per month than the former.

We can also work out any future mortgage payments you are going to have to pay if you give up your house to your ex-spouse now. If you walk away from a property that has very little mortgage left to pay and you take on a new mortgage for 20 years, then you have 20 years of extra capital and interest to pay, which your spouse will not. This is something that we factor into our negotiations.

We can also advise you as to a Financial Settlement if a business is involved. We are adept at considering business accounts and noting a sudden increase in staff costs. It may be that your ex has now decided to employ their new partner in the business and to pay them quite handsomely.

We can help you to consider your financial future and see what that might look like. Will you be able to afford to fix the roof or the boiler?

You do not wish to put yourself in a position whereby you settle your case now under pressure from your ex-partner, which will then leave you in poverty in 10 years’ time.

We are here to give you a full overview of your position and negotiate the best deal for you, now and for your future.

Contact the Family Law Team at Emmersons Solicitors:

Divorce Solicitors Newcastle:  0191 284 6989

Divorce Solicitors Sunderland: 0191 567 6667

Email us: enquiries@emmersons-solicitors.co.uk

Complete our Online Enquiry Form

You can also park opposite our Sunderland Office on John Street.