Understanding a Divorce Financial Agreement

At Higgins Miller, we have a team of expert lawyers who specialise in family law. We combine a sympathetic, accessible approach to our clients with hard-headed legal expertise and years of experience dealing with matters like wills and probate, contact with social services and children disputes. We understand the emotional impact of the kind of cases we deal with, and we also realise that clear, calm advice is the best means of helping our clients to move on with their lives. One area in which this particularly applies is settling a divorce financial agreement

The end of any marriage is bound to be a highly stressful time, and it’s often the case that emotions such as anger and bitterness cloud the decisions which either party has to make. The simple truth, however, is that something like the details of a divorce financial agreement can impact on the life and well-being of those concerned for many years to come. That’s why it’s vital to seek the help of trained and experienced experts such as those at Higgins Miller, who will ensure that the divorce financial agreement you reach is fair and detailed enough to withstand any future changes in circumstances. 

In a lot of divorce cases, the issue of how the finances should be resolved when the relationship ends is the most difficult part of the divorce. Couples may sometimes disagree over matters of childcare and details such as education and where a child will live, but the desire to do the best for their children usually leads to an agreement fairly quickly, whereas finances are a different matter. The popular image of a divorce case as being an area of conflict with ‘winners’ and ‘losers’ can cloud the judgment of both sides when it comes to dividing assets and liabilities. That’s why a divorce financial agreement should always be handled by experts like those at Higgins Miller. 

One of the mains reasons to seek help and advice when putting your divorce financial agreement in place is that, in England and Wales, a divorce doesn’t mean that the end of a financial relationship between two people. If circumstances change in the future one partner may be able to make a claim on the other, unless the finances have formally been separated by an agreement, especially if the agreement is then turned into a Court Order. Permanent separation of this kind should only be considered if the details have been thoroughly examined by a legal professional since it will deal with matters such as debts and pensions, savings, insurance products, shares, property and any maintenance to be paid in the future.  

The first stage of putting together a comprehensive divorce financial agreement consists of both parties giving details of their full financial status. This will mean disclosing their assets, outgoings, income streams, liabilities and pensions, and providing the necessary documentation to prove what they are saying. If either partner fails to provide full disclosure, and the agreement is turned into a Court Order, then an application could later be made for the Order to be set aside on the grounds that not all financial details were disclosed.  

When these financial details have been gathered together, both partners should sit down together to try to come up with a divorce financial agreement.  If agreement proves difficult then an expert from Higgins Miller could act as a mediator to try to find common ground. In the most difficult cases, a court will be asked to divide the finances of a couple, and this is when the legal expertise of the Higgins Miller team comes into its own. Our knowledge of the latest legislation and experience of case law means that you can proceed safely in the knowledge that you’ll get everything you are fairly entitled to. A divorce financial agreement is a permanent arrangement which decides the assets you come away from a marriage with and sets any level of maintenance for the future, so it’s vital that you get every detail a hundred per cent correct. Working with Higgins Miller, that’s the least you can expect. 

If you’d like to find out more about divorce financial agreements or the divorce process in general, please call us on 0161 429 7251 or email us at [email protected] We’ve recently passed our Cyber Essential accreditation, something which demonstrates our forward-thinking attitude and determination to remain ahead of the competition. Our first 20-minute appraisal is provided free of charge, and we’ll give you a fixed fee first appointment, so you don’t have to worry about how much our advice is going to cost. If you want to explore our wider charging system then please take a look here.       

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September 5, 2019

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