Drawing Up a Financial Settlement Agreement

At Higgins Miller we specialise in dealing with matters of family law. That means that we have expertise in issues such as divorce, children disputes and wills and probate. It also means that we have the experience of dealing with people at highly emotional times of their life, and helping them to make decisions which could have an impact reaching many years into the future. This is particularly the case when we help to draw up a financial settlement agreement.

A financial settlement agreement is a vital part of the process which unfolds when a couple get divorced from each other. In many cases the issue of finances and deciding how assets and liabilities will be divided, is the most contentious aspect of a separation. Settling issues of child custody can often be difficult, but the desire to do the best for the child or children concerned generally prevails, however financial matters often cause a fairly bitter conflict. That’s why it’s important to seek the help of experts like those at Higgins Miller, who will help you to draw up a financial settlement agreement that will protect you for years to come and no matter how circumstances change.

The matter of drawing up a financial settlement agreement that will stand up for years to come is important because, in England and Wales, the act of divorce doesn’t mean that the financial relationship between two people has ended. The financial settlement agreement, particularly if it is then turned into a Court Order, will formally separate these finances, preventing the risk of either partner making a claim on the other if circumstances change in the future.

Since a financial settlement agreement will permanently divide the finances of a relationship, it’s vital that every detail of it is checked by an experienced legal professional before it is entered into. The matters dealt with by a financial settlement agreement might include the following:

  • Property
  • Shares, savings and insurance products
  • Debts and pensions
  • Maintenance to be paid for a partner or any children

The first and most vital part of putting together a financial settlement agreement involves both partners providing full and detailed disclosure of their financial status. This means giving details of their assets, liabilities, income streams, pensions, outgoings, and providing documentation to back this up. If the financial settlement is converted into a Court Order, and it later transpires that either partner failed to disclose something, the other partner would have the right to apply to the court to have the Order set aside.

Once all the facts have been gathered, the ideal scenario is for both partners to sit down together and draw up the financial settlement agreement. In some cases, this won’t be possible and a mediator such as an expert at Higgins Miller could help both sides to reach an agreement. If this doesn’t work then a court could be asked to decide how the finances should be divided. When you work with Higgins Miller we’ll use our experience of case law and of current legislation to ensure that you receive everything that you are entitled to in the financial settlement agreement. Once you reach an agreement, you’ll have permanently set the assets which you leave a relationship with, as well as any on-going maintenance payments, so it’s vital for your future well-being that you get things absolutely right.

If you’d like to find out more about drawing up a financial settlement agreement, or have questions about any aspect of the divorce process, 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. The first 20 minute appraisal is provided free of charge, and we’ll give you a first appointment for a fixed fee, so you don’t have to worry about how much our advice is going to cost. This initial contact can ensure that you understand the financial settlement agreement process, and can feel able to move forward with confidence. If you want to explore our wider charging system then please take a look here.        

MarkH

April 4, 2019

General

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