Divorce Case Studies
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DIVORCE FINANCIAL SETTLEMENTS
Who Decides On The Divorce Financial Settlements?
The financial aspects of a divorce are often the most challenging to arrange and cover a variety of different factors. This section explains what is involved in finalising a financial settlement as part of a divorce.
Financial Settlement Considerations
In considering the divorce or financial settlement the following aspects need to be taken into account:
- the income, financial resources and earning capacity of both people now and in the foreseeable future
- the financial responsibilities of each person now and in the foreseeable future
- the standard of living enjoyed by the couple prior to the divorce
- the ages of both people and the length of the marriage
- any physical or mental disability of either person
- the contributions made by each person to the welfare of the family and any contribution made through looking after the home or caring for the family
- the conduct of both people
- the value of any loss of pension that will be caused by the divorce or nullity
These are the general considerations to be taken into account in any financial settlement after a divorce. There are other points to consider which are covered below.
Support For Children
One of the first aspects to consider is maintenance for the children involved in the relationship. If one of you earns more than the one caring for the children you might agree a larger support payment for the children to ensure that their basic needs are met. However, this could be reversed if the person with custody is the larger earner.
Maintenance For A Spouse
This may be payable if one of the people in the marriage was not working and was supported by the other one. Spousal maintenance will usually only be payable during the period whilst the spouse undertakes training to allow them to obtain employment.
Division Of Assets
In addition to financial payments, you will also need to determine how the assets from the marriage are divided between you. As with any aspect of a divorce financial settlement, it is best to try and agree the division of the assets rather than allow the court to become involved which will only add cost and delay.
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