We have written recently on our blog about the importance of considering your finances when beginning divorce proceedings, and even before you think about getting married, whether or not you think you will divorce in the future. Only one in five divorcing couples think about their pension pots as part of their settlement, and a shocking 7% of couples would consider seeking financial advice on their separation.

These statistics are clearly working to the detriment of divorcing couples in the UK as new research by Investec Wealth and Investment UK revealed that 30% of people who have been divorced since 2014 have seen their wealth fall. One fifth of respondents said it took them over three years to get back on their feet after their divorce while, sadly, 14% said that they still had not recovered.

A fair financial settlement

If you are considering a divorce, or have started the process towards a divorce, one way to avoid becoming part of the statistics above is to engage with a specialist divorce solicitor with experience and a track record of achieving a fair financial settlement for their clients, which goes beyond the initial proceedings and safeguards your future.

A financial settlement in divorce refers to the distribution of joint finances and assets following a split. It can be worth cementing this agreement with a Clean Break Consent Order which, once it has been agreed and drafted by a solicitor and approved by the court, is legally binding and cannot be refuted (your spouse cannot claim against your assets in the future). If an agreement cannot be reached, then there may be no alternative but to go to Court and the advice of a specialist family law solicitor will be invaluable at this stage.

The key to achieving a fair financial settlement and preparing yourself for your life after divorce is to work with an experienced solicitor to achieve the best outcome in your circumstances, be it ensuring you have provision for the future or protecting what you have built up over the years, accounting for any pensions, property, savings, and investments.

If you were the main breadwinner

In many marriages, one party typically earns more than the other throughout the relationship and they may have concerns about how their hard-earned money will be affected following a split. Sweeney Miller Law’s family team can take all of this into account and ensure you receive a fair outcome from the settlement.

We are also experienced in dealing with cases involving business owners, including landlords with property portfolios. We also deal with cases involving family businesses where the spouses are both directors, leading to a range of complex issues such as what the business is worth and who should run it and how after separation.

If you have taken time out to care for dependents

Taking time away from work to be the main carer of children can mean a spouse has little or no independent income. It is important that a maintenance package is agreed, for example, to allow you to stay in the family home or cover the cost of additional childcare if you return to work. Other factors to consider include future income and pension contributions.

Specialist matrimonial finance advice

The family law team at Sweeney Miller have dealt with very complex disputes following divorce and work closely with financial experts such as accountants, actuaries, and financial planners, to ensure that our clients get the right advice and best financial settlement possible. We can point you in the direction of the best advisers in the industry to ensure that your advice is relevant and tailored to your individual circumstances.

We are also experienced in dealing with issues surrounding hidden assets or cases where we have had to take out urgent Court injunctions or “freezing orders” to stop assets being disposed of to avoid being considered in the financial settlement.

Divorce and Civil Partnership dissolution also affects any Wills that you may have. If you never had a Will, then your ex may be able to claim on your estate if you die. Our family law department works closely with our team of wills and probate solicitors who will make sure that your wishes are met after the split.

Get in touch

With our experience and expertise, the Sweeney Miller Family Law team, led by Partner Rebecca Cresswell, aims to achieve the best outcome in your circumstances, ensuring you have provision for the future or protecting what you have built up over the years.

To speak to a member of the team about your situation, get in touch for a free 30-minute consultation by emailing enquiries@sweeneymiller.co.uk or calling 0345 900 5401.