Property, Finances and Pension Division – Family Law Solicitors Manchester
When a relationship or marriage breaks down, one of the most important issues to resolve is how financial matters will be dealt with. This may involve the division of property, savings, pensions and other assets accumulated during the relationship.
At TM Fortis Solicitors, our experienced family law solicitors provide clear legal advice on financial settlements following separation or divorce. We assist clients across Manchester and the surrounding areas in resolving disputes involving property, pensions, savings, business interests and maintenance.
Our aim is to help clients achieve fair financial settlements while protecting their long-term financial security.
Financial Issues After Separation
Following separation, couples must address several financial matters including:
- The family home or other property
- Savings and investments
- Pension funds
- Debts and liabilities
- Business interests
- Spousal maintenance
- Financial provision for children
In many cases, couples are able to reach agreement through negotiation. Where agreement cannot be reached, the court can determine financial arrangements through financial remedy proceedings.
Financial Settlements After Divorce
Financial settlements following divorce are governed by family law legislation in England and Wales, primarily the Matrimonial Causes Act 1973.
The court has wide discretion when deciding how assets should be divided between spouses. The court aims to reach a fair outcome, taking into account the financial needs and circumstances of both parties.
Financial settlements may include:
- Property transfer or sale
- Pension sharing orders
- Lump sum payments
- Spousal maintenance
- Division of savings and investments
Our family law solicitors advise clients on negotiating financial settlements and representing them in court proceedings where necessary.
Division of Property After Separation
For many couples, the family home is the most valuable asset that needs to be considered during divorce proceedings.
Several options may be considered when dealing with property following separation, including:
- One spouse buying out the other’s interest in the property
- Selling the property and dividing the proceeds
- Transferring ownership of the property to one spouse
- Delaying the sale of the property until children reach a certain age
The court will consider several factors when deciding how property should be divided, including the needs of any children and the financial circumstances of each spouse.
Pension Sharing in Divorce
Pensions can often be one of the most valuable financial assets within a marriage, particularly in long-term relationships.
When dealing with pensions following divorce, the court may consider several options including:
Pension Sharing Orders
A pension sharing order allows part of one spouse’s pension to be transferred into the other spouse’s pension fund.
Pension Attachment Orders
This arrangement allows one spouse to receive pension payments when the other spouse begins to draw their pension.
Offsetting
In some cases, the value of a pension may be offset against other assets such as property or savings.
Pension division can be complex, and professional legal advice is essential to ensure that pension assets are properly considered during financial settlement negotiations.
Spousal Maintenance
In some cases, one spouse may be required to provide ongoing financial support to the other following divorce.
This is known as spousal maintenance.
Maintenance may be awarded where one spouse has significantly lower earning capacity or requires financial support to maintain a reasonable standard of living.
Spousal maintenance can be ordered for:
- A fixed period of time
- Until a specific event occurs, such as remarriage
- In rare cases, for life
The court will carefully consider the financial needs and resources of both parties when determining maintenance.
The Court’s Approach to Financial Settlements
When determining financial settlements, the court considers several factors under Section 25 of the Matrimonial Causes Act 1973.
These include:
- The income, earning capacity and financial resources of each spouse
- The financial needs and obligations of each party
- The standard of living during the marriage
- The age of the parties and the length of the marriage
- Contributions made by each spouse to the family
- The welfare of any children of the family
The court’s primary consideration is often the needs of any children, particularly in relation to housing and financial stability.
Consent Orders
Where couples are able to reach agreement regarding their financial settlement, the agreement should usually be formalised through a Consent Order.
A Consent Order is a legally binding court order that confirms how financial matters have been resolved.
Without a Consent Order, financial claims between spouses can remain open even after divorce.
Obtaining a Consent Order ensures that financial matters are formally concluded and legally enforceable.
Financial Remedy Proceedings
If agreement cannot be reached, it may be necessary to apply to the court for a Financial Remedy Order.
Financial remedy proceedings involve several stages including:
- Application to the Family Court
- Financial disclosure by both parties
- Negotiation and settlement discussions
- Court hearings, where the judge may determine the outcome if agreement cannot be reached
Our family law solicitors provide representation throughout the financial remedy process and aim to achieve the best possible outcome for our clients.
Resolving Financial Disputes Without Court
Where possible, many couples prefer to resolve financial matters without the need for court proceedings.
This may involve:
- Negotiation between solicitors
- Family mediation
- Collaborative law
Resolving financial disputes outside court can often reduce legal costs and help maintain a more cooperative relationship between the parties.
The Importance of Early Legal Advice
Financial settlements following separation can have long-term consequences. Obtaining legal advice at an early stage can help you understand your rights and avoid costly mistakes.
Our experienced family law solicitors provide practical advice to help clients protect their financial interests and achieve fair settlements.
How TM Fortis Solicitors Can Help
Our family law solicitors assist clients with a wide range of financial matters following separation, including:
- Division of property
- Pension sharing orders
- Spousal maintenance
- Financial remedy proceedings
- Negotiation of financial settlements
- Consent Orders
We provide clear legal advice and effective representation to help clients resolve financial disputes following separation or divorce.
Contact Our Family Law Solicitors
If you require advice regarding financial settlements, property disputes or pension division following separation, our experienced family law solicitors at TM Fortis Solicitors can assist you.
Contact TM Fortis Solicitors today on 0161 220 6040 to arrange an initial consultation and discuss your circumstances.
