Resolving financial issues on divorce
As devastating as the emotional impact of divorce may be, the practicalities quickly kick in. Agreeing arrangements for any children of the marriage generally takes priority, but resolving the financial situation is usually the most complex.It’s sometimes difficult to know how to even start unravelling financial affairs that have been entwined for many years to ensure a fair division of assets and income.
There are several routes you can take to sort out the family finances. We’ll use our experience to support you throughout the process and help you to achieve the most practical, straightforward solution.
Sometimes things can be simple: if you can agree how to resolve your finances between you, we're happy to assist by drawing up the appropriate paperwork to formalise the arrangements.
Co-operative approachThis approach relies on the voluntary exchange of financial information between the parties. You will discuss how to resolve the situation with your solicitor, as will your former partner with theirs. An exchange of letters may be all that it takes, or just one or two meetings for an agreement to be reached. We can support you through this process, negotiating the best settlement and documenting the outcome.
MediationSome people like the idea of discussing their financial issues with an independent mediator. The mediator can't offer legal advice, but they may be able to narrow down the issues and help the divorcing couple to achieve an amicable settlement during the course of a series of meetings.
If you choose this route, it's also wise for each party to retain independent legal advice to verify and document the outcome. We can refer you to a professional mediator, and we often advise people going through the mediation process.
We can also assist with the mediation process by offering a fixed fee package. For details of what's included please click the logo below to The Kent Family Fixed Fee Foundation. Please be aware that we can offer this service to anyone considering mediation; location is not an issue.
For more information on resolving financial issues with divorce and to start a conversation on how we can help you please contact Mark Rennie, Partner, Family.