Financial Settlement
The terms of any agreement can be reached at any stage, but may require confirmation by the court if settlement is reached before decree nisi stage.
Settlement may be reached at the time of separation in the form of a deed setting out what has been agreed between the parties. The deed can also make provision to agree to divorce following the two year separation period.
Most settlements are reached by agreement and will hold until a court order. However, there will be times when a court will be required to order maintenance payments. The Courts have the ability to order regular or lump sum payments. If a property forms the main matrimonial asset, which is typically the case, then the courts can use their discretion on how to apportion that asset, and may make provision for the leaving party to receive a share of the equity on sale of the property. If no agreement can be reached on payments of maintenance you have the option of pursuing a claim with the Child Support Agency. These applications may take time and may depend upon the co-operation of the spouse. Pension splitting orders, or pension sharing orders are routinely dealt with by the Courts, when one spouse has no pension provision on divorce.
Trusts are a useful means of dealing with individual assets, although, may form part of the overall matrimonial assets on divorce if certain criteria are met.
