Divorce & Financial Settlements

Once you have made the difficult decision to divorce, organising your finances with your former partner can easily become contentious and confusing. To make sure you get the right settlement for you and your loved ones, it’s essential that you seek specialist legal advice to help you achieve a positive outcome.

At Thornton Jones, our family law team has extensive experience of helping people resolve the financial issues surrounding their separation and reach the agreements that work for them and for their family’s future.

We have particular expertise in dealing with complex financial situations for low, medium and high-income families. We can provide assistance and support using three highly effective forms of alternative dispute resolution (ADR) – mediation, collaborative law, and arbitration – so it is very rare that court proceedings are needed to achieve a financial settlement when you work with our team.

No matter how complex your financial situation, we can help you get a fair settlement that lets you make a clean break and move on with your life with the minimum possible stress and conflict. Our financial settlements lawyers can deal effectively with issues including:

Your home
Second properties
Savings
Pensions

Shares & investments
Business assets
International assets
Family trusts

How Do I Reach a Financial Settlement for My Divorce?

Reaching a financial settlement for your divorce involves several key steps, each designed to ensure that both parties receive a fair and equitable distribution of assets. The process typically begins with full financial disclosure, where both you and your former partner must provide details of all assets, income, debts, and pensions. This transparency is essential for negotiating a fair settlement.

Once financial disclosure is complete, there are various options for reaching an agreement. Many couples are able to resolve their financial matters through alternative dispute resolution (ADR) methods, such as mediation or collaborative law, which encourage both parties to work together to find a solution without the need for court involvement. These approaches are often quicker, less costly, and less adversarial than traditional litigation.

In cases where an agreement cannot be reached, the court may become involved to decide the division of assets, though this is usually a last resort. At Thornton Jones, our experienced family law team can guide you through each step of the process, helping you understand your rights and ensure the settlement is tailored to your future needs.

To begin, it’s essential to seek expert legal advice early on. Our family law team in Wakefield, Ossett, Garforth, Sherburn in Elmet and Mapplewell is ready to assist you with expert guidance on divorce financial settlements.

Picture showing a man and women visibly frustrated at having received bad advice

What is a Divorce Financial Settlement?

A divorce financial settlement is an agreement between you and your former partner on how to divide your finances, including assets, income, and debts, following a divorce or separation. This settlement can cover various assets, such as your home, savings, pensions, investments, and any business interests. It ensures both parties are treated fairly and can move forward with their lives, often with the help of legal or alternative dispute resolution processes like mediation.

What is Collaborative Law?

Collaborative law is like mediation except instead of a mediator, you and your ex-partner will each bring your own specialist collaborative lawyer. Your lawyer can provide legal advice and negotiate on your behalf with the aim of reaching an amicable out-of-court agreement.

How Can a Solicitor Help Me Reach a Fair Financial Settlement?

What is Mediation in Divorce?

Mediation is a popular and cost-effective alternative to court proceedings which concentrates on opening up a dialogue to resolve any potential disputes. In most cases, you will need to at least consider Mediation before you proceed with an application to Court to resolve any issues you may have in relation to child arrangements and/or financial matters following on from your separation.

During Mediation, you and your former partner will meet with one of our trained Mediators who will act as a neutral third-party to help you agree the details of the arrangements for your child(ren) and/or your financial settlement. The Mediator’s role is to keep the process productive, defuse conflict and provide information on any points of Law or process, to assist you both in making informed decisions. They will not tell you what arrangements or settlement you should make – that decision remains in your hands and you will each be advised to seek independent legal advice from a Solicitor of your own choice about the discussions/proposals, throughout this process.

Mediation offers a fast, cost-effective and amicable way to deal with child arrangements and financial settlements, as well as keeping the details of your settlement private. Any agreement you make through Mediation will be voluntary but can be made legally binding by applying to a court for a Consent Order.

Find out more about our Family Mediation Services

What is Collaborative Law?

Collaborative Law can be a good choice where there are more complex issues to deal with and where you would prefer to have your own lawyer in the room with you, to advise and represent you.

The process involves a series of four-way ‘round the table’ meetings between you, your former partner and your respective lawyers (who must be trained collaborative lawyers). You will work together to negotiate a voluntary settlement for your divorce.

You can also have other professional experts, such as accountants and financial advisers, sit in on your meetings, allowing you to call on their expertise and to finalise any agreement reached.

Find out more about our Collaborative Law Services

What is Family Arbitration?

If you cannot agree a settlement with your former spouse, but would still prefer to avoid court proceedings, arbitration can be an attractive option. Thornton Jones is one of very few firms in the region who have experience in the arbitration process and can assist and support with this highly effective form of alternative dispute resolution (ADR).

Our trained lawyers can review your assets and respective needs and assist you in obtaining a fair settlement. In order to proceed with the arbitration process, both parties will need to agree to abide by the decision of the arbitrator at the very start of the process.

While arbitration puts the decision about your financial settlement into the hands of a third party, it is usually much faster, less costly and less acrimonious than court proceedings. It also allows the matter to remain private, unlike divorce court, which is held in public.

Find out more about Family Arbitration

How do I Apply For a Financial Order?

In those rare cases where court action is required to achieve a settlement, we will advise you on the legal process and likely costs involved, and then work with you to make sure you have the best possible representation for your hearing.

Click here to view our Family Law Fees

Why Choose Thornton Jones for Making a Financial Settlement upon Divorce?

With decades of experience and a high level of specialist expertise and training, we can offer a range of skills for dealing with divorce financial settlements that most other law firms in the region simply cannot match.

Our family law team includes five members of the family law network, Resolution – Steven Eldridge, Shelley Wales, Amanda Gait, Jane Auty and Arooj Begum. Resolution members make a commitment to removing conflict from divorce and family law, so this reflects in our expertise, in taking a non-confrontational approach to divorce.

Steven Eldridge is the only family lawyer in Wakefield accredited by Resolution as a specialist in complex financial provision. As such, he can offer the highest levels of expertise for dealing with the financial complexities associated with divorce or separation – particularly when business interests, pensions and trusts are involved.

We are accredited by the Law Society for our expertise in Family Law, providing further assurance that the quality of our services has been independently assessed. We also hold Law Society accreditations in Wills & Inheritance Quality and Conveyancing Quality, two areas that often come into play when making a financial settlement following divorce.

Contact Our Financial Settlements Lawyers in West Yorkshire

To arrange an initial consultation regarding making a financial settlement with our divorce lawyers, please contact our local offices in Wakefield, Ossett, Garforth, Sherburn in Elmet or Mapplewell, Yorkshire today.

Have a quick question or want to request a call back? Use our online enquiry form.

What is a divorce financial settlement?

How are assets divided in a divorce financial settlement?

In the UK, assets are typically divided based on principles of fairness rather than equality. The court considers factors such as the length of the marriage, the financial and non-financial contributions of each party, the needs of any children involved, and each spouse’s future earning capacity. While there is no set formula, the goal is to reach a fair settlement that addresses both parties’ financial needs and ensures a clean break where possible.

Can we reach a financial settlement without going to court?

Yes, it is possible to reach a financial settlement without going to court. Many divorcing couples are able to resolve their financial issues through alternative dispute resolution methods, such as mediation or collaborative law. These methods are less stressful and more cost-effective than litigation and encourage both parties to work together to find a mutually agreeable solution. At Thornton Jones, we specialise in helping clients achieve fair settlements outside of court.

What if we have complex assets, such as international property or business interests?

If your financial situation involves complex assets, such as international property, business interests, or family trusts, it’s crucial to seek expert legal advice. Our experienced team at Thornton Jones is well-versed in handling high-value and complex financial matters. We can help ensure that all assets are accurately valued and fairly divided, while addressing any international legal considerations or business valuation issues.

How long does it take to reach a financial settlement after a divorce?

The time it takes to reach a financial settlement can vary depending on the complexity of the assets involved and the willingness of both parties to negotiate. If both spouses are cooperative and can agree on the division of assets, it could take a few months. However, if there are disputes or complex issues (such as business valuations or international assets), the process may take longer. At Thornton Jones, we work efficiently to ensure that the settlement process is as quick and smooth as possible, while still securing a fair outcome for you and your family.