Financial Arrangements

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Family Finance and Child Arrangements

In most cases, arrangements need to be sorted out for the children of the family as well as the finances including property, investments, businesses, pensions and income.

Negotiating a financial settlement in divorce is complicated so requires skill and expertise. However, there is no set formula. Spousal and child maintenance are resolved on a case by case basis.

Finance

Circumstances which need to be taken into considerations include: the duration of marriage, the ages of the parties, their assets, incomes and earning capacities. Further, there is consideration for the standard of living during the marriage, financial needs and the contributions and acquisitions of family wealth.

Our team of skilled solicitors clarify the relevance of each of these factors to your circumstances.

There is no single answer to any particular case but we advise what we believe is an achievable and suitable settlement.

A crucial stage in reaching a fair and reasonable settlement is the requirement on both parties to engage in what is called ‘financial disclosure’. All assets owned by each spouse and liabilities in their sole name, as well as those jointly held, need to be recognised and documented and the information exchanged with the other party. Characteristically these include the family home, pensions, stocks and shares, cars, business assets and so on.

Children

Preferably, parents who are separating should try to reach an agreement on arrangements for their children during and after divorce. 

We advise on the types of arrangements one might expect to find and assistant you to negotiate an arrangement that is suitable for your children and you.

In cases involving children, court action should only be taken as a last option. The children’s welfare is the primary consideration. However, such decisions can be difficult to agree on, particularly in the midst of an divorce.

Sometimes though, neutral assistance may help, and parents may benefit from mediation or a process called ‘collaborative law’ to help them reach an agreement out of court. Please see out page on Out of Court Settlement for more information.

Child Maintenance

After a divorce, dissolution or separation, it is vital to ensure that any children from that relationship are provided for. This frequently comes in the form of child maintenance, which is paid from one party to the other. Various things depend on how much you can expect to pay or receive, but the court’s priority is always the welfare of the child.

If you are unable to agree on arrangements for child maintenance with your former partner, you can make an application for child maintenance through the Child Maintenance Service (CMS). This is a government-run service to arrange and collect child maintenance from non-resident parents.

For any advice on Family Law or issues surrounding Financial Arrangements, please contact the Family Law department on 0207 242 1666.