Dealing With Finances During a Divorce

When going through a divorce, one of the main things that you and your ex-partner might struggle with is separating your finances. Money can be a sensitive topic when it comes to getting divorced, as you may think you're entitled to something that your partner thinks they're entitled to, and that’s when it can get difficult. 

What is a financial settlement?
A financial settlement is a legal document that sets out the separation of your assets, and is designed to sort out any financial issues during the divorce. Reaching a financial settlement will be your main goal when dealing with your finances during a divorce, as it sets the agreement in stone between you and your ex-partner. It is important that you get help from divorce solicitors in Guildford as they will be able to give you legal advice and overlook the whole process to make sure things are done fairly and legally. There are many things that will be covered in your financial settlement, and it aims to protect both parties from future disputes as everything you have agreed on will be written out and signed. It will include the division of money, properties, household contents, cars, businesses, pensions and any personal items worth over £500. 

Reaching a financial settlement 
As mentioned above, reaching a financial settlement will be your end goal when dealing with finances during a divorce. Every case is different, and reaching a financial settlement can either be very simple and straightforward, or a long and emotionally painful process. 

Reaching a settlement without the courts 
In the best case scenario, you and your ex-partner will be able to come to an agreement yourselves. If this is the case, all you will need to do is get a lawyer to draft a legally binding document and send it to the court to be approved. It is highly recommended that you get a lawyer to help you with this, because if the settlement isn’t legally binding your ex-partner could make a claim against you in the future, putting your money and assets at risk. If you and your ex-partner cannot come to an agreement about your finances on your own, one option you could try is to get a mediator involved. This is someone who will have meetings with both of you from an unbiased perspective to try and help you divide your money and assets fairly without getting the courts involved. 

Involving the courts 
If you and your ex-partner are really struggling to come to a financial agreement and have exhausted all of your options, you will probably have to get the courts involved. This can be a lengthy and stressful process, as you may need to have multiple court hearings before it is resolved. If you still can’t agree with the help from a court, then they will end up deciding for you who gets what. As previously mentioned, it is always the most beneficial option to try and come to an agreement yourselves, so you don’t have to go through the court process. But if you do end up needing to go to court over it, you have the right to get legal advice and help from lawyers and solicitors to promote your case so you’re not doing it alone.