A divorce financial settlement sets out how money, property, pensions, savings, debts, business interests and other assets should be dealt with when a marriage or civil partnership ends. Lawson West’s divorce financial settlement solicitors in Leicester can advise on financial disclosure, negotiation, consent orders and court applications where agreement cannot be reached.
The divorce itself does not automatically resolve financial claims. To protect your position, it is important to take advice before reaching an agreement or applying for the final order.
A divorce financial settlement is the agreement or court order that sets out how finances are divided when a marriage or civil partnership ends. It covers property, savings, debts, pensions, income, maintenance, business interests, investments and other assets.
Before a fair settlement can be reached, both people need to give full and honest details of their financial position. That includes income, property, bank accounts, pensions, debts, business interests, investments and other assets.
If one person fails to disclose assets or tries to hide them, the court will require further information and takes non-disclosure seriously when deciding the outcome.
Most divorce settlements involve a mix of the following:
Personal assets — vehicles, valuable items and investments that form part of disclosure.
There is no automatic formula. The court weighs a range of factors, including each person’s needs, income, earning capacity, financial resources, standard of living, age, health, contributions and the welfare of any children. The aim is a fair outcome based on the circumstances of the case.
If you and your former partner agree on the financial terms, the agreement should be recorded in a legally drafted consent order and submitted to the court for approval. According to GOV.UK, a consent order can be submitted once the conditional order has been made, and it is sensible to do so before the final order is granted.
Timing matters, particularly where pensions are involved. A pension sharing order cannot take effect until the final order of divorce has been made, but applying for one after the final order carries real risks. If either party remarries before making a financial claim, they lose the right to apply for certain orders altogether, including pension sharing — a trap sometimes referred to as the ‘remarriage trap’. More broadly, financial claims between former spouses remain open indefinitely unless they are formally dismissed by the court, leaving both parties exposed to future claims years down the line.
For these reasons, we strongly recommend finalising the financial settlement through a consent order at the appropriate stage of the divorce process, rather than leaving it until later.
If negotiation or mediation does not resolve the finances, an application is made to the court for a financial order. GOV.UK states that this is done using Form A, which is sent to the financial remedy court.
Once court proceedings are underway, both parties complete Form E, a detailed financial statement for financial order applications. The GOV.UK Form E guidance explains that it is used for applications for financial orders within divorce, dissolution, annulment or judicial separation proceedings.
We’ll be alongside you at every stage:
If you’re separating or divorcing and want clear advice on financial disclosure, property, pensions, assets or a financial order, we’re here to help.
Book a free initial discussion with Lawson West’s team of Divorce Lawyers. We’ll talk through your situation, explain the next steps, and help you protect your position.
You are not required to use a solicitor, but legal advice is important if you own property, have pensions, savings, debts, business interests or children. A solicitor will tell you whether a proposed settlement is fair and whether it should be recorded in a consent order.
No. The divorce legally ends the marriage or civil partnership, but it does not end financial claims between spouses. A financial order or consent order is needed to make the financial settlement legally clear.
Financial disclosure is the process of exchanging details of income, property, pensions, savings, debts, business interests and other assets. It gives both people — and the court — the full financial picture before a settlement is agreed.
If one person fails to provide full financial disclosure or appears to be hiding assets, the court will require further information and take that conduct into account. Your solicitor will advise on the steps available to obtain clearer disclosure.
Form E is a detailed financial statement used in financial order applications during divorce, dissolution, annulment or judicial separation proceedings. It asks for information about income, property, pensions, debts, capital and financial needs.
A consent order is a court-approved document that records an agreed financial settlement. It deals with property, pensions, maintenance, savings, debts and other financial arrangements.
Yes. We’ll review the agreement to make sure it’s suitable, then prepare the legal documents needed to record the settlement formally.
If you do need to talk through your personal relationship circumstances with someone who’s completely independent and unbiased, please do talk to us. We’re here to help and advise you and help you through the personal problems you face. You can rely on our experience, expertise and emotional support to put you on the right course of action, a path that’s totally right for your situation.
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