Divorce Financial Settlement Solicitors in Birmingham

As Featured In

With over 40 years of experience dealing with financial issues resulting from a relationship breakdown, our divorce financial settlement solicitors in Birmingham and Northampton have experience in resolving disputes regarding:

• Family home
• Business interests
• Trust interest
• Pension assets
• Investments and savings
• Company shares and dividends

Reaching a financial settlement offers an amicable resolution in a divorce or separation. If a peaceful resolution cannot be negotiated, we provide robust representation in court. Whatever your case is, our professional divorce settlement service is tailor-made to best suit your individual situation.

Contact our legal teams in Birmingham and Northampton for a FREE, no-obligation consultation on 0300 303 2071 or email info@witansolicitors.co.uk to discuss your options today. 

What is a financial settlement in divorce?

A financial settlement is a financial agreement between you and your ex-partner that details the distribution of assets after the divorce, as well as the terms of any ongoing support. 

The best way to reach a financial settlement is through negotiation and mediation led by the two parties’ divorce solicitors. It’s a faster and less stressful solution, as it doesn’t involve court appearances. With our experience in mediations  and arbitrations we will handle the negotiations on your behalf, so you won’t have to. 

Unfortunately, not all divorce financial settlements can be resolved amicably. In the cases where negotiation fails, it’s up to the court to put a settlement in place. If that happens, when making a decision as to who gets what  the judge will take several factors into account, including:

• You and your ex-partner’s age
• How long you have been married
• If you have children and what their financial needs may be
• Your and your ex-partner’s past, current and future earnings
• Your and your ex-partner’s financial assets 
• Whether you were working or a stay-at-home parent
• Your and your ex-partner’s standard of living before the divorce
• Your and your ex-partner’s health and ability to earn 
• Each party’s conduct 

There is no hard and fast rule of how assets are shared in a divorce, so every financial settlement will be different, depending on your circumstances. Our divorce financial settlement solicitors in Birmingham and Northampton are here to walk you through the entire process and explain the situation to you in simple language so that you feel comfortable knowing what to expect.

What is a Consent Order and do you need one?

A consent order is a legally binding document that records that the negotiated divorce settlement agreement is approved by the Court. Even if you have reached a financial agreement with your ex-partner out of court, you still need to have a consent order to confirm that the court approves with the conditions of the settlement. It’s a step in the process added to ensure equal treatment for both parties and it ensures that neither party goes back on the terms of the agreement later on.

Our divorce settlement agreement solicitors will handle all necessary documentation to complete the settlement procedure and help you reach a resolution as quickly and efficiently as possible.

Pensions in a divorce settlement

To ensure the fair division of assets in a divorce, the financial settlement agreement takes into consideration not only money and property but also your pension. This helps avoid situations where one party is left with a very little pension and amassed assets; for example, when one party has been a stay-at-home parent while the other has been working and increasing their pension funds, as well as their capital. 

There are three main ways to resolve a pensions dispute:

• Pension sharing: A portion of one party’s pension pot is transferred to the other
• Pension offsetting: The pension pot remains untouched in exchange for another asset 
• Pension attachment: An arrangement is made for regular payments from one party’s pension funds to be made to the other party 

For more details, our legal experts have put together a guide on how pensions are handled during a divorce.

Why choose Witan Solicitors?

In the challenging time when you are dealing with the aftermath of a broken-down relationship, it is important to work with legal advisors that you can trust. Having our team of divorce financial settlement solicitors in your corner ensures you will be treated with compassion, understanding and exceptional professionalism. At Witan Solicitors, we are committed to offering the best legal advice and we are proud to provide:

Proven track record 

Our family law specialists have been resolving financial disputes for more than four decades, in which we have gathered a wealth of experience and we maintain a proven track record of successful divorce and separation financial dispute resolutions. 

Clear and reliable advice

Even the most amicable divorce can be difficult and upsetting. Knowing what comes next and how the process works offers a level of reassurance that the situation is under control. This is why we avoid legal jargon as much as possible to give you reliable advice using a language that you feel comfortable with. 

Members of Resolution

We are members of Resolution, a community of over 6,500 legal professionals who work with families and individuals to resolve family disputes in a constructive way.

FAQ

How are finances split in a divorce?

A financial settlement agreement in a divorce has to be as fair to both parties as possible, offering an equitable (but not necessarily equal) division of all assets. Factors considered in the decision-making process include age, length of the marriage, conduct, assets, earnings (present and future), as well as any children and their needs. 

Read more on protecting your property during divorce proceedings in our guide put together by our legal experts.

Are assets split 50/50 in a divorce?

Not necessarily. Depending on your particular situation, it could be regarded as fair that one party receives a bigger share of the assets. 

Are the divorce proceedings and the financial settlement separate?

Yes. Although negotiating a financial settlement agreement usually happens alongside the divorce proceedings, the two are separate. Even if you have obtained a divorce, financial disputes with your ex-partner are not resolved, until you have either a legally binding financial separation agreement, or the Court determines the outcome of your financial dispute. A finance separation agreement is usually recorded within a consent order. 

How long does a divorce settlement agreement take?

Each case is different and there are no set timeframes, however,  a settlement agreement achieved out of court can be resolved in 3-6 months, whereas an in-court settlement agreement can take up to 1-2 years, depending on how complicated your financial affairs are. 

What if we are not married?

If you are not legally married, then there is no obligation for continued financial support by either party, but a separation settlement agreement still has to be put in place to ensure all joint assets are divided fairly. Read more about separating assets if you were not married here. 

Is it illegal to hide assets during a divorce?

Yes, it is illegal to hide assets during the divorce. Doing so puts you at risk of financial penalties, such as covering all legal costs for the other party, and will likely result in an unfavourable decision for you in the financial settlement.