Financial Settlement Solicitors In West Sussex

When a marriage ends, working out what happens to your finances can feel just as important as the divorce itself.

You may be worried about whether you can remain in the family home, what will happen to your pension or savings, whether assets have to be divided equally, or how you and your former spouse can reach an agreement without going to court.

At EJ Moyle LLP, our Family Law team helps people in Littlehampton, Rustington and across West Sussex understand their financial position following separation and divorce.

We can advise you on the assets and financial arrangements to consider, help you work towards a fair settlement, and ensure that any agreement is properly recorded.

If you also need advice about formally ending your marriage, visit our Divorce and Separation Solicitors in West Sussex page.

To discuss your circumstances with our Family Law team, call 01903 725143 or 01903 784447, or contact us online.

What Is a Financial Settlement After Divorce?

A financial settlement determines how you and your former spouse will separate your finances following the breakdown of your marriage.

This can include decisions about your home, pensions, savings, investments, debts, business interests, and whether either of you should receive ongoing financial support.

Importantly, the divorce process itself does not automatically resolve these issues. Obtaining a Final Order ends the marriage, but it does not bring financial claims between former spouses to an end.

That is why it is important to consider the financial side of divorce separately.

Our Family Law team can help you understand what needs to be addressed and what a fair settlement may look like in your circumstances.

For general information, GOV.UK also provides guidance on money and property when you divorce or separate.

What Can Be Included in a Divorce Financial Settlement?

Every family’s finances are different, so there is no single list of assets that will apply in every case.

A settlement may need to consider:

• The family home and any other property
• Savings and bank accounts
• Investments and shares
• Pensions
• Business interests
• Mortgages, loans and other debts
• Valuable personal assets
• Spousal maintenance
• Future financial claims

Some couples have relatively straightforward finances. Others may have several properties, different pension arrangements, business interests or assets that are more difficult to value.

Identifying the full financial picture at an early stage can help you understand what to consider before any agreement is reached.

How Are Finances Divided in a Divorce?

There is no rule that assets must always be divided 50/50.

A fair settlement will depend on your individual circumstances, including the financial resources available to each of you and what you are likely to need in the future.

If the court is asked to decide the outcome, it considers a range of factors rather than applying a simple formula.

What Does the Court Consider?

These can include:

• Each person’s income, property and other financial resources
• Current and future financial needs
• Earning capacity
• The standard of living during the marriage
• The length of the marriage
• The ages of both parties
• Any physical or mental disability
• Contributions made to the family, including caring for children and managing the home
• Pension provision
• The needs of any dependent children

There is therefore no simple calculator that can tell you what you are entitled to.

Our Family Law team can review the wider circumstances and help you understand the range of outcomes that may be considered reasonable before you enter into negotiations.

What Happens to the Family Home in a Divorce?

For many separating couples, the family home is their largest asset and their biggest immediate concern.

You may want to know whether the property has to be sold, whether one of you can remain there, or whether one person can take over ownership.

Depending on the circumstances, options may include:

• Selling the property and dividing the proceeds
• One spouse buying out the other’s interest
• Transferring the property into one person’s name
• Delaying a sale until a later date where appropriate

There may also be a mortgage to consider, as well as the housing needs of any children.

The right solution will depend on factors such as the property’s value, mortgage affordability, other available assets, and the overall financial situation.

The family home should therefore be considered as part of the wider financial picture rather than in isolation.

What Happens to Pensions in a Divorce?

Next to the Family Home, pensions can also be one of the most valuable assets in a marriage, even though it may not feel as important as sorting the house or money in a bank account.

They should therefore form part of the financial discussion.

Depending on your circumstances, pensions may be dealt with through arrangements such as pension sharing, where part of one person’s pension is transferred for the benefit of the other.

Pensions can also be difficult to compare directly with other assets. A pension with a particular value is not necessarily equivalent to holding the same amount in cash or property.

Where pensions are significant, taking advice before agreeing to offset them against other assets can therefore be particularly important.

Our Family Law team can help you understand how pensions fit into the wider settlement and whether specialist valuation or pension advice may be appropriate.

How Do You Reach a Financial Settlement?

Going to court is not the only way to resolve divorce finances.

Many couples can reach an agreement through discussion, negotiation between solicitors or mediation.

The most appropriate route will depend on your relationship with your former spouse, how complicated the finances are and whether you are broadly able to agree about what should happen.

Negotiating a Financial Settlement

Your solicitor can advise you on your position and communicate with your former spouse or their solicitor on your behalf.

This can help keep negotiations focused and ensure that you understand the legal and financial implications of proposals before accepting them.

If an agreement is reached, it can normally be formalised through a Consent Order.

Mediation

Family mediation allows you and your former spouse to discuss financial arrangements with the help of an independent mediator.

The mediator does not decide the outcome. Instead, they help you both explore whether an agreement can be reached.

You can continue to take legal advice alongside mediation so that you understand your position and the effect of any proposed settlement before agreeing to it.

What If We Cannot Agree?

If an agreement cannot be reached, you may need to apply to the court for a Financial Order.

There are also other Non-Court Dispute Resolution Options such as Arbitration or Private Family Dispute Resolution.

Each of these options includes opportunities for both parties to provide financial information and to try to reach an agreement before a judge or arbitrator makes a final decision.

Our Family Law team can advise and, where necessary, represent you throughout this process.

Arbitration

Due to delays in the court system, some couples choose Arbitration as an alternative to resolving financial disputes.

In Arbitration, both parties agree to appoint an independent, qualified Arbitrator to consider the financial information and decide the issues in dispute. In financial cases, that decision is known as an Award.

The Award is binding on the parties and, where required, is then reflected in a court order so that the financial arrangements can be put into effect.

Arbitration can provide greater flexibility over the timing and management of the case than formal court proceedings, while still providing the certainty of a decision.

Private Financial Dispute Resolution (Private FDR)

A Private FDR works differently because the private FDR judge does not make a binding decision.

Instead, the couple’s financial positions are presented to an independent private judge, who considers the information and provides an indication of the outcome they believe a court would likely reach.

The couple can then use that indication, with advice from their solicitors, to negotiate and seek to reach an agreement by consent. This is consistent with Resolution’s description of Private FDR as an independent evaluation intended to facilitate settlement rather than impose an outcome.

If an agreement is still not reached, either party can issue formal court proceedings, or the couple can agree to proceed to Arbitration.

Financial Disclosure During Divorce

Reaching a fair financial settlement requires both parties to have a clear understanding of the finances involved.

This is why financial disclosure is an important part of the process.

You may need to provide information about:

• Property
• Bank accounts
• Savings
• Investments
• Income
• Pensions
• Business interests
• Mortgages
• Loans and other liabilities

Where formal financial remedy proceedings are started, detailed financial information is usually provided using a document known as Form E, together with supporting evidence.

Our solicitors can help you understand what information should be disclosed and review the information your former spouse has provided.

If something appears to be missing or requires further explanation, we can advise on the appropriate next steps.

What Is a Financial Consent Order?

If you and your former spouse agree on how your finances should be handled, it is usually important to make that agreement legally binding.

This can only be done by Court Order, and, where the financial arrangements have been agreed, the Order will be made by consent.

A Consent Order records the terms you have agreed to, including arrangements relating to property, pensions, savings, investments, or maintenance. It is then submitted to the court for approval.

Having an informal agreement between yourselves will not provide the same certainty.

A properly prepared order can help ensure that both parties understand their obligations and, where appropriate, bring future financial claims to an end.

You can find further information about making a financial agreement legally binding through a Consent Order on GOV.UK.

What Is a Clean Break Order?

A clean break brings financial claims between former spouses to an end.

Where a clean break is appropriate, it can provide both people with greater certainty about their future finances and prevent further claims being made later.

However, a clean break is not suitable in every case.

For example, one person may require ongoing spousal maintenance, which can mean that some financial connection needs to continue.

Our solicitors can advise on whether a clean break is appropriate in your circumstances and ensure that any settlement is recorded correctly.

Do I Need a Solicitor for a Divorce Financial Settlement?

You are not always required to have a solicitor, particularly if you and your former spouse are already in broad agreement.

However, financial decisions made during divorce can have long-term consequences.

Before agreeing to divide property, give up pension rights or accept a particular financial arrangement, it is sensible to understand what the agreement means for you both now and in the future.

A solicitor can help make sure that:

• The relevant assets have been identified
• Appropriate financial disclosure has taken place
• You understand whether the proposed settlement is reasonable
• Pension or property arrangements are dealt with properly
• The agreement is made legally binding where appropriate
• Potential future claims are considered

Even where an agreement appears straightforward, obtaining legal advice before it is finalised can help avoid uncertainty or unexpected problems later.

How EJ Moyle LLP Can Help With Your Divorce Finances

Financial settlements are about more than dividing numbers on a spreadsheet.

The decisions you make may affect where you live, how financially secure you feel and what resources you have available in the years ahead.

Our Family Law team will take the time to understand your circumstances and explain your options in clear, practical terms.

Our Head of Family Law, Sharon Lyon, has practised family law since 1991 and has particular expertise in financial matters following separation.

We can help you with:

• Understanding your financial position
• Identifying the assets and liabilities that need to be considered
• Reviewing financial disclosure
• Negotiating with your former spouse or their solicitor
• Considering proposals made during mediation
• Preparing or advising on Consent Orders
• Advising on clean break arrangements
• Financial remedy proceedings where agreement cannot be reached

Our aim is to help you reach a workable outcome while providing a clear understanding of the decisions made along the way.

Financial Settlement Solicitors in Littlehampton, Rustington and West Sussex

EJ Moyle LLP advises individuals and families from offices in Littlehampton and Rustington, as well as clients across the wider West Sussex area.

Our local Family Law team can assist whether you are only beginning to consider divorce, have already separated or have reached an agreement about your finances and now need advice about making it legally binding.

You can find further information about our Littlehampton and Rustington offices on our Contact EJ Moyle LLP page.

Speak to Our Divorce Financial Settlement Solicitors

If you are separating or divorcing and are unsure what should happen to your home, pension, savings or other finances, you do not have to work through those decisions alone.

Our Family Law team can help you understand your position, explain the options available and work with you towards a financial settlement that provides greater certainty for the future.

Call our Littlehampton office on 01903 725143 or our Rustington office on 01903 784447.