Here are a few FAQs regarding divorce settlements that you should know about.
At What Point Do I Need a Financial Settlement?
There’s no specific time to get a financial settlement. However, it’s advisable that you consider getting one soon after deciding that you’re getting decided. The decision typically depends on what terms you and your partner are parting ways on. It’s best to settle before either of you remarries to avoid complications.
Can I Divorce Before Getting a Financial Settlement?
You don’t necessarily have to delay the divorce process because of the financial settlement. In fact, many former couples finalise a divorce settlement after they’ve already signed the divorce papers.
That said, a consent order is only legally binding after your divorce is at a specific stage. If during the proceedings you and your spouse are unable to agree on how to divide your assets, you can only submit an application to the court after you’ve already filed for a divorce petition. Typically, the settlement proceedings are handled alongside your divorce proceedings. However, you can choose to get a divorce before diving into the financial settlement process.
Will My Prenuptial Agreement Affect the Divorce Settlement?
In most cases, yes it will.
If you signed a prenuptial agreement prior to your marriage and specified your financial circumstances and possible outcomes, these will be taken into account during the divorce settlement. For instance, if you and your partner outlined what would happen to your joint or individual assets in the likeliness of divorce, then your settlement will honour these terms. This is why it’s imperative that you consult a family law solicitor before finalising a prenuptial agreement to avoid unexpected financial outcomes if you end up getting a divorce.
How Much Maintenance Do I Need to Pay My Former Spouse?
The maintenance allowance depends on your specific circumstances. Several factors are taken into consideration before the jury decides how much you or your former spouse has to pay as maintenance money. These include:
- The income, assets, and ability to earn of each partner
- The standard living expenses before the divorce
- The financial needs of each partner
- The longevity of the marriage
- Special needs (e.g. disability)
- The contributions (financial and non-financial) made by each spouse in the marriage
Got questions about your divorce settlement? The team at AM International Solicitors provides thorough family law services and can help you with your divorce settlements. We also offer their legal expertise in navigating through cross-border disputes, VAT offences, and excise duty assessments.
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