Changes to the Law
On the 6th of April 2022, there was a significant change to laws surrounding divorce in England and Wales. No-fault divorce means less time spent assigning blame and more time spent focusing on what’s important. This move has streamlined the separation process. However, couples still need to address the daunting aspect of financial settlements.
When significant assets are at stake, it can add a layer of complexity to a separation. Issues that arise with a financial settlement can require specialised expertise. At Benussi Law, we are renowned for our skill in handling intricate cases. We understand the unique challenges faced by couples with substantial financial portfolios.
What is a Financial Settlement?
A financial settlement is an agreement between divorcing parties on how to separate their assets. For couples with significant assets, this can more complicated. A financial settlement will go beyond the standard division of assets. It requires an assessment of portfolios, business structures, and the protection of wealth. Our tailored approach ensures a comprehensive understanding of your unique financial landscape.
The entitlements in a divorce settlement are unique to each situation and subject to the court’s discretion. Some common elements include:
Money, Savings, and Investments: The division of financial assets, including savings and investments.
Pension: Addressing the complexities of pension sharing, attachment, earmarking, or offsetting.
Life Insurance Policies: Deciding the allocation of life insurance policies.
Businesses: Assessing the division of business assets.
Furniture, Appliances, and Vehicles: Deciding the distribution of tangible assets.
Financial Support: Establishing child maintenance and spousal maintenance payments.
Complex Financial Portfolios: Comprehensive assessment of financial portfolios, including investments, stocks, and offshore accounts.
Real Estate Holdings: Solicitors will need to consider all properties during the separation. The family home, holiday homes, and investment properties all need to be considered.
Valuation of Businesses: Expert evaluation and division of business assets, ensuring the continuity of enterprises.
Asset Protection Strategies: Protecting assets from potential disputes and ensuring a secure financial future.
Can You Draw Up a Financial Settlement Yourself?
In a divorce, parties can start the process of drawing up a financial settlement on their own. However, it’s advisable to seek legal guidance. This ensures that the agreement aligns with legal requirements and is comprehensive enough. Once an agreement is reached, a solicitor can formalise it into a consent order for legal binding.
A divorce process doesn’t automatically sever financial ties. Especially for couples with substantial assets. Benussi Law works to secure your financial future. We address ongoing financial commitments and ensure a clean break.
Divorce settlements require a comprehensive understanding of the legal landscape. Seeking legal advice is essential to safeguard your interests. We ensure a fair distribution of assets. We know each case is unique. The guidance of experienced solicitors can make all the difference in achieving a fair resolution.
Divorcing with significant wealth demands a specialised approach. Our expertise in handling financial settlements ensures it aligns with your unique circumstances. Trust in our seasoned professionals to navigate the complexities of your wealth.
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