Financial disclosure in divorce

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Making the decision to get divorced is just the beginning of the many decisions that you will need to make during the process of separating. Regardless of your situation, there will always be financial issues that need to be addressed.

These financial decisions could potentially have far-reaching effects on yours and your family’s future, and so it is essential to have an experienced divorce lawyer by your side who can advise on how to reach a fair settlement and, in light of your circumstances, what is the right avenue for you to go down to progress your divorce.

There are a number of different approaches to divorce settlements, including:

  • your solicitor dealing with the case and leading negotiations for you
  • dealing with matters collaboratively
  • mediation
  • arbitration
  • the use of private judicial hearings for a neutral evaluation of your case
  • court hearings

Plenty of options to consider, however, they should all reach the same outcome; a legally binding financial settlement, set down in a document called a Consent Order. Or, if reached by agreement, following arbitration, or in the case of a Court-imposed decision, a Court Order. Both will confirm how matrimonial finances are to be dealt with.

The concept of fairness can be difficult to quantify, however, in a legal sense, it is what is reasonable and equitable considering the financial circumstances of both parties in the marriage. To establish this, there needs to be a detailed understanding of what is in the ‘matrimonial pot.’ You cannot fairly split any assets until you know what they are.

The key to achieving a fair settlement in your divorce is to have a clear picture of both parties’ financial circumstances, backed up with the appropriate evidence. Once this is in place, we can make sure an offer is made and the best settlement achieved for you.

If you would like to know more about your options regarding divorce and financial disclosure, please contact us at our offices, or email our Family Law team on familylaw@woodfines.co.uk

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