As a family solicitor, I have been asked: "I saw on Eastenders/Coronation Street how Mr X did not receive any money from the divorce and his wife got everything and it only took a few months to be resolved" or "I want to stay in my house with the children like Mrs X down the road, and receive maintenance".
The decision to proceed with a divorce can be a difficult one to make, especially if you are worried about how you will cope financially and how the assets will be divided.
You do not need to agree on a financial settlement during your divorce and it can be done pre or post your divorce, although there are good reasons to why you should deal with this during your divorce.
At Penn Chambers, we explain to clients in our first meeting that each case is different and the outcome depends on the circumstances of their individual case. Options available to one client may not be available or workable for another.
When coming to a financial settlement in a divorce, you will need to take into account a number of different factors, as these are the factors a Judge would take into account when making an order. These factors are usually referred to as the section 25 factors.
The Court will consider:
1. The income, earning capacity, property and other financial resources of both you and your ex-spouse, including in the foreseeable future;
2. The financial needs, obligations and responsibilities of both you and your ex-spouse, including in the foreseeable future;
3. The standard of living enjoyed by you both during the marriage;
4. The age of both you and your ex-spouse and the duration of the marriage;
5. Any physical or mental disability of either you or your ex-spouse;
6. Any contributions made by you or your ex-spouse which includes contributions towards looking after the marital home and caring for the family;
7. Any conduct of you or your ex-spouse (the “bad behaviour”);
8. If there are children, the Court’s primary concern will be the welfare of the children and how their needs will be met.
When considering these factors, it shows why each case is different and that the Family Courts have discretion in making financial settlements.
Please contact me or Penn Chambers Solicitors to find out what kind of support we can offer when it comes to divorce and financial settlement.
0207 183 2450
The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.
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