Divorce Financial Settlements

At Hains & Lewis, we recognise the importance of having a fair divorce settlement in place to support you and protect your assets in the future, but also for you to individually move on with your lives once the divorce has been finalised.

In marriage, it is common for there to be a mismatch between the income and assets of the two spouses. This can provide problems when divorcing as one person might not be able to meet their financial needs and those of any children alone. It is essential that you have the right division of finances so that both parties are financially supported.

Our solicitors are sensitive and understand that divorce can be an upsetting and stressful process to go through, especially where there are children involved. We have extensive experience and can assist with all financial circumstances, simple or complex.

In most instances, a divorce financial settlement can be arranged outside of court using Alternative Dispute Resolution (ADR), such as mediation. Our team have a strong success rate and considerable expertise to help you negotiate the divorce financial settlement you are looking for.

Where it is not possible for an arrangement to be made outside of court, we can provide you with top-quality advice and assistance in court proceedings. We have considerable experience in court and will be able to properly prepare and present your case, so you have the best opportunity to receive the outcome you desire.

Our divorce financial settlements solicitors can assist with all types of assets, including:

• Property
• Pensions
• Business assets
• Digital assets
• Trusts
• International assets

Our divorce finances lawyers work out of three local offices across Southwest Wales, in Carmarthen, Haverfordwest and Narberth, so please contact your local Hains & Lewis team to arrange an initial appointment.

How our divorce finances solicitors can help you

Negotiating a divorce financial settlement

When negotiating a divorce settlement, our solicitors can help you approach it in a calm and reasonable manner to be realistic and clear with what you would like the potential outcome to be.

If you are interested in hearing more information or would like assistance in negotiating a divorce financial settlement, our divorce solicitors will be able to help.

Mediation for divorce finances

Going to court is not always a necessary process for a divorce settlement. There are alternative options available, such as mediation, where a trained mediator will work with the two parties to attempt to arrange a financial settlement with which you are both happy.

Our team have helped many clients with mediating their financial divorce settlement, so can confidently guide you through this process.

Financial order applications

To officially cut financial ties to your ex-spouse, you will need to apply for a financial order. Without a financial order, there is the future possibility of your ex-spouse being able to make a financial claim against you.

Even where you have negotiated a financial settlement, it is still sensible to apply to a court for a ‘consent order’ to make your agreement legally binding.

When divorcing, there are multiple financial orders that can be applied for as part of your settlement. Some of these include:

• Consent order
• Clean break order
• Pension sharing order
• Property adjustment order
• Maintenance order
• Lump sum order

Once you and your ex-spouse have agreed on how you will split assets, our solicitors can help to write the financial order application and submit the forms to court on your behalf.   

Your guide to divorce and finances

What am I entitled to when getting divorced?

What you are entitled to during a divorce settlement will depend on you and your ex-spouses’ matrimonial assets and non-matrimonial assets, as well as your personal circumstances. Therefore, each divorce settlement will be different.

What is a reasonable divorce settlement?

A reasonable divorce settlement is one that would be considered fair by the court. This also applies even if you do not attend court for your settlement. When applying for a financial order, the court will only grant it if they consider the settlement fair to both parties. Similar to if the settlement needs to be decided by court, they will aim to make sure that the division of assets is fair, but this does not necessarily mean that it will be an equal split.

What assets are included in a divorce settlement?

In a divorce financial settlement, all assets will be considered. There are two types, non-matrimonial assets, and matrimonial assets.

Matrimonial assets are financial assets that were acquired whilst you were married to your spouse. These assets can include pension plans, investments, savings and jointly owned possessions. These will automatically be included in a divorce settlement.

Non-matrimonial assets are financial assets that were acquired before or after your marriage, and this could include pension plans, purchased investments, and property in your own name. These assets could potentially be considered during the settlement.

What factors affect a divorce settlement?

Each divorce settlement is different as it will be down to individual circumstances. When a divorce settlement cannot be reached by ADR and goes to court for a decision, the court will take into consideration factors including:

• The financial and welfare needs of any children
• The age of each party
• The duration of the marriage
• The family’s standard of living before the divorce
• The potential income, properties, investments, and savings each of the parties will have or already has
• The potential financial needs, obligations, and responsibilities each of the parties will have or already has
• Any physical or mental disabilities either party suffers from
• Contributions either party made or is likely to make for the family, such as caring for children

How long does splitting finances in divorce take?

The period of time it takes to split finances can completely depend on the complexity of assets and whether you and your ex-spouse can agree on a settlement. If you are able to easily agree on an arrangement by yourselves or through mediation, the settlement can take as little as a few weeks to complete.

If you need to go to court for your settlement as you are unable to arrange it between yourselves, this could take months or even years, depending on when your court hearing is. There can also be the potential that your ex-spouse might appeal the decision decided, making the process longer.

Is a pre-nuptial agreement binding in divorce?

A pre-nuptial agreement is not strictly legally binding in England and Wales. Despite this, it is likely that a pre-nuptial agreement will be heavily considered in court as long as it was properly arranged and the qualifying criteria were met.

The qualifying criteria that must be met include:

• The pre-nuptial agreement must have been freely entered into
• Both parties must understand the implications of the pre-nuptial agreement
• It must be a fair pre-nuptial agreement
• The pre-nuptial agreement must have been made 28 days before the marriage
• Wider financial circumstances must be disclosed
• Both parties must have received legal advice
• It should not prejudice children
• The pre-nuptial agreement must meet both parties’ needs

Speak to our divorce financial settlement solicitors in Carmarthenshire and Pembrokeshire

To arrange an initial consultation with our approachable, expert divorce finances solicitors in Southwest Wales, please contact your local Hains & Lewis office in Carmarthen, Haverfordwest or Narberth.