Our priority is achieving a financial settlement that is fair to you. Whether your and your spouse’s financial resources (including property, investments, businesses, pensions, crypto-assets and trusts) are complex or simple, we will ensure you are provided with clear and straightforward advice at every stage of the divorce process.
Our expert divorce solicitors in Manchester, Sale and Chester are here to give you honest guidance and practical support to help you move forward with confidence. We also advise clients across the UK from offices in Central London, North London, Liverpool, Leeds, York and Sheffield.
The financial aspects of divorce are rarely simple. In very broad terms, we will help you to understand the full extent of your and your spouse’s resources and then help you to achieve a settlement that provides you with financial security going forward. Whilst our central offices are based in Manchester and Cheshire, we have obtained excellent results for our clients across the length and breadth of England and Wales (as well as those based in Scotland and overseas).
Property and assets
It is important to understand that the Family Court in England and Wales has very wide-ranging powers that enable it to deal with all manner of financial resources. Property (including residential, personal, and commercial property) can be sold and the proceeds divided. Property can also be transferred between you and your spouse. Such property does not need to be located in England and Wales for the Family Court to be able to make orders regarding it.
Pensions
Pensions are often worth far more than many people realise. Without proper advice, many divorcing individuals run the risk of thinking only about property (especially the family home) and cash. We advise on the full range of pension options on divorce, including the significance of understanding the true value of pension resources and the different ways of accounting for them in your financial settlement. Ignoring the available pension resources now can seriously damage your future finances, so it’s absolutely vital to address them with the benefit of expert legal advice.
Spousal maintenance
Spousal maintenance (also known as spousal periodical payments) is another key consideration. In some cases, maintenance can be ‘capitalised’ (i.e. multiplied by a factor of time to produce a single lump sum). In other cases it will typically be paid on a monthly basis. Generally speaking, spousal maintenance is appropriate where there is a significant difference in your and your spouse’s incomes, and you require the maintenance in order to meet your regular financial needs.
It is very important to understand that child maintenance is an entirely separate consideration. Top-up orders can be made by the Family Court (provided your spouse’s gross income exceeds £156,000 per annum) as well as certain other orders relating to educational and other special expenses (including a child’s disability) – you can still agree child maintenance is paid as part of the financial settlement, but unless the child maintenance has been ordered in respect of the above, any such agreement can be superseded by an application to the Child Maintenance Service twelve months later.
What is financial disclosure? Why is it so important?
Financial disclosure relates to your and your spouse’s duty to provide each other with full and frank information and documents in respect of your financial resources. In practice, it involves completing a form (known as a ‘Form E’) and attaching all the relevant documents to it. These documents are likely to include things like: bank statements; investment and portfolio statements; property valuations; mortgage, loan, and credit card statements; payslips, P60s, and tax returns; business accounts and valuations; and the ‘cash equivalent value’ letters from pension providers.
The duty you and your spouse each have to ensure all financial information and documents has been provided to the other is ongoing until the financial settlement has been concluded. Where one spouse has failed to disclose the full extent of their financial resources, the entire financial settlement may be set aside (i.e. cancelled).
If you are concerned that your spouse may be trying to conceal his or her financial resources it is very important that you seek expert family law advice on an urgent basis.
Consent order
The consent order sets out, in detail, the terms of the financial settlement. It is essential.
If your financial settlement is not formalised as a consent order it is very unlikely to be legally binding. This means your ex could later make financial claims against you years down the line.
Generally, court hearings are not required in respect of a consent order being made. The process involves a draft consent order being submitted to the Family Court and this draft then being referred to a judge. The judge is not simply a ‘rubber stamp’, and will want to be satisfied that the terms are fair. Drafting the consent order properly takes considerable expertise to ensure that it covers all aspects of the settlement in ways that are enforceable.
Reaching a financial settlement outside of court
In some situations (particularly those involving domestic abuse) court will likely be the most appropriate way of dealing with finances on divorce.
Where these concerns do not apply, you may be able to reach a fair settlement via what is known as ‘non-court dispute resolution’, or ‘NCDR’. NCDR includes options such as mediation (where a mediator helps you and your spouse to reach an agreement); arbitration (where an arbitrator, who is a very experienced, independent family lawyer, decides the outcome); and negotiations between solicitors directly. Nearly every form of NCDR is quicker and less expensive than court. Every NCDR option should always conclude with an application for the financial settlement to be formalised as a consent order.
Summary of the divorce financial settlement process
Financial disclosure
The exchange of full and frank disclosure should always be the first significant step in the financial process: if you don’t know what there is, you won’t know whether a proposed settlement is fair to you or not. We have a wealth of experience in dealing with situations where there has been non-disclosure, or attempted dissipation of key financial resources by the other spouse.
Expert evidence
Some financial resources are more difficult to value accurately than others. These include: pensions; businesses; and certain types of property. The instruction of relevant experts (such as pensions on divorce experts, known as ‘PODEs’; forensic accountants; and surveyors) is a complex area which our skilled family lawyers are adept at navigating.
Reaching a financial settlement
Once disclosure and any expert evidence matters have been finalised, negotiations to resolve the financial aspects of your divorce can begin. As above, there are a number of non-court ways of reaching a financial settlement, including negotiations between solicitors; mediation; and arbitration. Where it is not possible to reach a settlement outside of court, a judge will ultimately decide the outcome at the end of the court process. It is important to note that the court process itself involves a settlement hearing, known as an ‘FDR’ or ‘Financial Dispute Resolution’ hearing – the majority of cases settle at this stage, and only ones that do not settle at the FDR then progress to a final hearing.
Making it binding
Once we have helped you to achieve a good outcome that is fair to you we will then carefully formalise the settlement as a draft consent order for submitting to the court for approval. Once approved by a judge the settlement will be legally binding. Again, this stage is absolutely vital.
Why choose Slater Heelis for your financial settlement after divorce
Recognised excellence in family law
Our family law department has been specifically commended by The Times in its Best Law Firms guide for three years consecutively. We are also ranked highly in the Legal 500 and Chambers & Partners guides, which we’ve held for many years.
With over 1,700 reviews and an average rating of 4.9/5 on ReviewSolicitors, our clients recommend us when their friends and family need help.
Specialist financial settlement expertise
Our team includes solicitors with recognised expertise and qualifications who specialise in both high-net-worth and more typical financial cases. We have particular expertise in respect of complex financial resources, including assets located overseas, business assets, trusts, crypto-assets, and pensions. We regularly advise senior professionals, business owners, founders, and high net worth individuals across the UK and internationally.
We also handle cases involving asset tracing, trust structures, and nuptial agreements where wealth protection is a primary concern.
Over 250 years serving our clients
We’ve been providing legal advice to families since 1773. With offices in Manchester, Sale and Chester, we’re rooted in the communities we serve and understand the issues families face. We also advise clients across the UK from offices in London, Liverpool, Leeds, York and Sheffield. Our family law team is one of the largest outside of London, with over 18 qualified solicitors dedicated to family matters.
Straightforward and proactive
From your first meeting with us we will help you cut through the noise and understand what’s important to achieving the outcome you want. We will represent you fearlessly and proactively in order to obtain a financial settlement that is fair to you, without incurring unnecessary legal costs.
Call us on 0330 111 3131 or contact us via our online enquiry form to arrange a consultation with our divorce and financial disclosure solicitors.
Our offices in Manchester, Sale and Chester are open for face-to-face meetings, and we also work with clients across the UK, with meetings at other locations, such as London, Leeds and Liverpool, available by appointment. We’ll keep you informed, act quickly and help you move forward with clarity and confidence during what we know is a difficult time.
Frequently Asked Questions about financial settlements after divorce
What is a divorce financial settlement?
A financial settlement is an agreement that sets out how you’ll redistribute the financial resources you and your spouse have. It should always be arrived at after completing an exchange of full and frank financial disclosure, where both you and your spouse provide full details of all your financial resources. It is extremely important that the financial settlement is formalised as a consent order, otherwise it is very unlikely to be legally binding.
What is a fair financial settlement in a divorce?
What constitutes a fair settlement will depend on the extent of the financial resources, your and your ex’s needs, the needs of any children, and ‘all the circumstances’ of your case. Unlike many European countries, there is no ‘formula’ or ‘code’ that applies, and financial outcomes on divorce involve a considerable amount of discretion.
How long does a financial settlement take?
Once the disclosure process has been completed, and following any expert evidence, how long the financial settlement process takes will depend largely on your and your ex’s negotiating positions. Typically, most financial settlement matters are resolved within 18 months, though longer timescales can be expected if your ex is slow in providing their disclosure documents, or where there are non-disclosure issues.
Is it possible to have a financial settlement without a solicitor?
Trying to manage the disclosure process without an expert family solicitor is fraught with significant risk and not advisable. As the disclosure process is the vital first stage in any financial settlement, trying to ‘go it alone’ without a solicitor is likely to result in a significantly worse outcome.
Similarly, in respect of the negotiations themselves, an expert family solicitor will know how to progress things in order to produce an excellent and fair outcome for you.
How much does a divorce financial settlement solicitor cost?
Costs vary depending on complexity and your spouse’s negotiating position. We’ll give you a clear estimate based on your situation at the start, and update you as things progress. We are committed to ensuring any legal costs incurred are only ever incurred proportionately.
Can my ex claim against me after our financial settlement?
Yes, unless you have formalised your financial settlement as a consent order which provides for a ‘clean break’. Without a consent order containing a ‘clean break’ clause, your ex will likely be able to make financial claims at any point in future—even decades later. This includes claims against inheritances, lottery wins, or assets accrued or acquired after the divorce.
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