The Act of divorce itself does not put an end to the financial relationship between you and your partner. To separate your finances, you must reach a financial settlement which is a legally binding agreement on how the assets of the marriage will be divided.
Without this legally binding agreement both you and your partner have the ability to make claims against each other under the Matrimonial Causes Act. However, untangling your assets can be a confusing and daunting process.
The aim of a financial settlement is to achieve a fair outcome taking into account each partners resources which will include:
- The Family home,
- Any other properties,
- Savings and investments,
- Business interests,
- Financial Commitments.
Unfortunately, there is no one-size fits all approach when reaching a financial settlement as each agreement is entirely dependant on the facts of that matter. We would look at the assets available, your lifestyle before the divorce and your future needs to ensure you get the best outcome possible. A range of factors would be taken into account when deciding what the terms of the agreement should include:
- The length of the marriage, including any time spent living together before marriage,
- The age of you and your partner,
- Whether you have children and who will be looking after the children,
- The assets of you and your partner,
- Both yours and your partners income and earning capacity,
- All the assets available to you and your partner.
The above is not a definitive list. Sometimes it is possible to reach a financial agreement without going to Court, however, even if you do reach a financial settlement out of Court you will still need to submit the final agreement to the Court to effectively approve the agreement in order to dismiss any claims your spouse may have under the Matrimonial Causes Act.
Our team offer clear, insightful and practical advice on the financial circumstances of your divorce and how to reach the best settlement for you. Whether your only asset is your interest in the family home or whether you have a complex portfolio of investments our team have the in-depth experience to guide you through the process and to help you find the most cost effective solution for achieving the outcome you want.