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Financial settlement

Financial Settlement Divorce in Taunton

Taunton Solicitors provides information on financial settlement and divorce in Taunton. The end of a marriage or partnership is never easy, especially when it comes to untangling shared finances. Reaching a fair financial settlement is crucial, not only for your immediate needs but for your future security. If you’re considering a divorce in Taunton or Somerset or searching for expert help with divorce asset division, we will help you understand your options and why expert legal support truly matters. Contact us today for questions or to schedule a consultation.

What Is a Financial Settlement?

A financial settlement is an agreement (or a court order if parties cannot agree) that determines how assets and debts will be divided after a divorce or dissolution. The goal is to ensure both parties have their needs (and the needs of any children) fairly met,  based on a clear picture of their financial positions. This settlement can be agreed between you and your former partner, sometimes with support from mediation or solicitors. If agreement isn’t possible, the courts can impose a financial order after considering all aspects of your finances. Having a comprehensive divorce financial agreement is essential to avoid future disputes and ensure lasting peace of mind.

What Does a Financial Settlement Include?

Financial settlements cover a wide range of assets and liabilities. It is vital to provide a full and transparent disclosure so that negotiations are based on facts rather than assumptions. Typically, a settlement will consider:

  • Property (family home and any other real estate)
  • Pensions (including the need for a pension sharing order)
  • Savings and investments
  • Bank accounts
  • Vehicles
  • Personal valuables and possessions
  • Business interests
  • Debts and other liabilities

Depending on your circumstances, the settlement may also address spousal maintenance, child maintenance, and other financial responsibilities.

What Factors Should Be Considered Before Settling?

Coming to a fair and sustainable settlement involves careful consideration of many factors, including both parties’ circumstances and needs. The court (and skilled negotiators) will usually take the following into account:

  • Both parties’ income, earning capacity, and financial resources
  • The property, pensions, and other assets each party holds
  • Current and likely future financial needs, obligations, and responsibilities
  • The age of each party and the duration of the marriage
  • The standard of living enjoyed during the marriage
  • Any mental or physical disability of either party
  • Contributions made to the welfare of the family, both financial and non-financial (such as caring for children or homemaking)
  • The needs of any dependent children

Ensuring a comprehensive review of these factors is key for fair divorce finances in Somerset and throughout the UK.

Know How to Divide Pension Assets

Pensions are a significant, yet often complex, part of divorce asset division. To ensure a secure future for both parties, it’s important to understand your options for splitting pensions. Pension assets can be divided in several ways:

  • Pension Sharing Order: This splits pension benefits between both parties into two separate pension pots. It’s often preferred for its clarity and security.
  • Pension Attachment Order (Earmarking): When a member’s pension is eventually paid out, part of it is paid to the other person. This does not create a clean break.
  • Offsetting: The value of a pension is offset against other matrimonial assets, such as the family home. For example, one spouse keeps the house, while the other retains the pension.

Given the importance and potential value of pensions, consulting a skilled matrimonial assets solicitor at Taunton Solicitors is the safest route to ensuring your interests are protected. We can guide you through the intricacies of splitting pensions and help secure a fair outcome.

Why Use Taunton Solicitors?

Divorce finances can be complex and emotive. With so much at stake, the right expert can help you avoid costly errors and unnecessary conflict. At Taunton Solicitors, we provide:

  • Full financial disclosure support to ensure both parties negotiate on the same clear facts
  • Guidance and advice throughout negotiations and mediation
  • Direct negotiation with your ex-partner or their solicitors
  • Court representation if a voluntary agreement can’t be reached
  • Drafting and implementation of consent orders and all necessary legal documentation
  • Expertise in asset division for property, pensions, investments, and business interests
  • Support for all types of financial settlements, from amicable agreements to contested court cases
  • Practical advice for complex issues such as foreign assets, self-employment or business ownership, and non-disclosure

We offer a fixed fee initial consultation to help you understand your position and options, with transparent guidance on likely costs beyond that.

Choose Fairness and Security in Your Divorce Settlement

A fair and thorough financial settlement is the foundation of moving on with confidence after divorce or separation. With expert guidance from the team at Taunton Solicitors, you will be equipped with the knowledge, professional support, and practical solutions you need every step of the way. Whether you are seeking a straightforward divorce financial agreement or navigating complex negotiations over multiple assets, our team is ready to support you in achieving the best possible outcome. Contact us today to schedule your consultation.

If you are not already instructing us in relation to your divorce, We offer a fixed fee of £225 plus VAT. for initial half hour consultation. Please ask when booking your appointment.  We can give you an indication of further costs at this meeting.

Email: [email protected]

Telephone: 01823 351122