Family Law
Financial Settlements
The court's first consideration is given to the welfare of any children under the age of 18, and whether it is possible to bring about finality by means of a ‘Clean Break Order'.
In reaching its decision, it considers the following factors:
The income, earning capacity, property and other financial resources which each of the parties to the marriage has or is likely to have in the foreseeable future, including (in the case of earning capacity) any increase in that capacity which would in the opinion of the court be reasonable to expect a party to the marriage to take steps to acquire.
The financial needs, obligations and responsibilities which each of the parties to the marriage has or is likely to have in the foreseeable future.
The standard of living enjoyed by the family before the breakdown of the marriage.
The age of each party to the marriage and the duration of the marriage.
Any physical or mental disability of either of the parties to the marriage.
The contributions which each of the parties has made or is likely in the foreseeable future to make to the welfare of the family, including any contribution made by looking after the home or caring for the family, recognizing that contributions may not just be financial.
The conduct of each of the parties, if that conduct is such that it would in the opinion of the court be unfair to disregard it.
In the case of proceedings for divorce or nullity of marriage, any benefit (for example a pension) which by reason of the dissolution or annulment of the marriage, that party will lose the chance of acquiring.
The court has a very broad discretion to redistribute spouses/former spouses assets and income as is considered fair in light of the above factors. In all cases before issuing an application to the court we will try, either by referring the matter to mediation or by negotiation, to reach a fair settlement to which both parties agree. Such a settlement would be negotiated on the basis of the above factors. Obviously it is not always possible for the parties to agree, and in this event an application to the court needs to be considered. It is always vital that both parties are honest and provide full details of their financial provision so a fair settlement can be reached.
If you would like to obtain confidential legal advice on any matrimonial matter then please contact our family law specialist solicitors. So, if you have any questions or would like our help with counselling or mediation conciliation please do not hesitate to contact us on 020 8983 8944 or by email on info@nwsolicitors.com.
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