Financial Agreements in Solihull
A financial agreement is used to untangle your finances and determine how your shared assets will be divided following a separation or divorce.
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Our team of family solicitors can help you to navigate the complex process of untangling your finances. Income, pension, assets, property and debts will need to be divided so you can both move forward with your lives.
Obtaining a financial agreement will sever the financial relationship between spouses. Without a financial agreement, a spouse may be able to make a claim to their ex-partner's assets, even long after a divorce is granted. This is why it is important to reach a financial agreement so that both parties will know what is expected of them and what they can expect from their ex-spouse. Our skilled and experienced team can guide you through the process of untangling your assets to ensure you reach a fair agreement.
Financial agreements explained
Reaching a financial agreement can allow you to move on with your life. This important part of the separation and divorce proceedings will untangle your finances and determine who is entitled to what. Your financial agreement will cover the following:
Assets including property, savings and investment
Couples can obtain a divorce without a financial agreement, but it is helpful to have one in place. The financial agreement will sever the financial relationship with your spouse. It is vital for the success of the agreement that both parties are open and transparent about their financial situation.
Financial agreements before marriage
You can put arrangements in place before and during marriage to determine what will happen to your assets in the event your relationship breaks down irrevocably. This is called a prenuptial or postnuptial agreement.
Disputed financial agreements
In a situation where an agreement cannot be reached, we can work with you through mediation. Working with a mediator is often the final step before applying to the courts for a financial settlement.
Frequently asked questions
What is a financial agreement in divorce?
A financial agreement will determine how you will split your property, money and debts in a divorce. This important document can have an impact on future finances, so it needs to be created with care.
How is money divided in a divorce?
The aim should always be to divide the assets fairly, unless there is a very good reason not to. The aim of a financial agreement should not be to “punish” any party. Instead, the focus should be on a fair and equal division of the assets so that both parties can move forward.
Who is responsible for the shared debt after a divorce?
Debt accrued during the relationship should be divided equally on divorce. If one party enters the marriage with a large amount of debt, they should remain responsible for this after divorce. All joint debts should be shared equally following divorce, unless there is a very good reason not to do so.
How do I protect myself financially in a divorce?
The best way to protect your assets is through the use of a prenuptial or postnuptial agreement. If this is no longer an option, the best way forward is to be honest and transparent about your finances. The final financial settlement should be fair to both parties, so no one should feel they need protection.
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