The dangers of putting off your financial settlement

March 13, 2017, By

It can often seem easier to put something off today that can be done tomorrow.

Your work, family, and social commitments can all involve substantial amounts of your time and resources and if something ‘can wait’ then there may be a tendency to delay it indefinitely.

If you are in the middle of a divorce or dissolution you will no doubt be aware of the changes and the impact that separation inevitably brings about. It may even seem that delaying your financial settlement is the best approach at this time in order to avoid conflict and the complexities of achieving a financial settlement.

However, it is crucial that you address the financial aspects of separation at the same time as your divorce or dissolution and do not simply leave matters in abeyance.  Failing to address this could result in your former partner achieving a more beneficial settlement than if matters were resolved at the time of separation if your financial position has improved and/or theirs has worsened.

Recent cases reported in the press confirm that the Family Court can award considerably higher financial awards years after the date of a divorce if the parties’ finances are not fully dealt with at the time. The Family Court in England and Wales has a wide discretion and financial matters will be considered in the context of your current financial position as well as your position at the time of your separation.

These recent cases highlight the undesirable effect that delaying a financial settlement can have and should also serve as a salutary warning to all divorcing couples that putting off a financial settlement can lead to much more difficult and costly repercussions down the line.

At Slater Heelis we are focused entirely on achieving the best outcome for you—and our experience and level of commitment is second-to-none. Several of our family solicitors are ranked as leading individuals and recommended lawyers in the authoritative UK legal directories (Legal 500 and Chambers) and all of our family solicitors adhere to the Resolution Code of Practice, which means that they will work with you to resolve your case in a constructive and non-confrontational way.

To get in touch, just call 0161 969 3131 or email a member of the team.