When settling financial matters, the mental costs often outweigh the financial costs. Child maintenance, spouse maintenance and division of assets such as houses, cars and savings all increase the mental burden experienced during these times.
Agreeing on financial settlements can be very difficult and place a great deal of stress on you during such difficult times. During these times, it is likely that you will have many questions about the process, procedures, what can be enforced legally and what can not, but also you are entitled to.
Some of the main factors that will be considered when coming to agreements on financial settlements will include:
- Each partner's needs, assets and ability to earn income.
- The standard of living before the break up of your marriage.
- How long you have been married and how old you are.
- Any special needs such as a disability.
- The contributions of each spouse made to the marriage
If you are young, have been married for a short time and have no children, it is possible that the level of settlement and payments for maintenance will be very different than if you have been married for a longer period, with children and other joint commitments.
There are a number of orders that can be made by the courts to ensure that the financial settlements are fair and binding for each party. A financial order is a formal agreement that is made in court, confirming agreements made for money or property between you and your spouse when you decide to end your marriage. There are other orders that you will need to be aware of during the financial settlement period, including property adjustment orders, maintenance orders and property orders, all of which might have an impact on any final agreement.
