Insight from Family Law Expert Sara Perischine
Divorce can be an emotionally challenging and complex process. As a family law solicitor at Astraea Linskills, I’ve guided many clients through this difficult time. One of the most common questions I hear is: “What is a fair divorce settlement?” This is a valid concern, as everyone wants to ensure they are treated justly during such a significant life event. Here’s what you need to know.
The Elements of a Fair Divorce Settlement
A fair divorce settlement depends on various factors, including each spouse’s financial situation, the length of the marriage, and whether children are involved. Some primary factors that the court will consider when deciding what is a fair settlement are:
- Children: A fair settlement should prioritise the welfare of any child of the family under 18.
- Standard of living: the court will consider the standard of living enjoyed by the family during the marriage.
- Needs: The court will consider the financial needs and obligations of each party when deciding how to divide assets.
- Income: The income, earning capacity, tangible assets and any other financial resources at each party’s disposal will be considered.
- The contributions this an include looking after the home or children of the family.
Achieving a Fair Divorce Settlement
Achieving a fair divorce settlement requires negotiation and compromise. Here are some tips to help you navigate this process:
- Understand Your own Financial Situation: Knowledge is power. Understanding your financial situation, including the value of all marital assets and debts, is crucial in negotiating a fair settlement.
- Be Willing to Compromise: A “fair” settlement doesn’t necessarily mean a 50/50 split. It’s about ensuring that all parties are treated justly and that needs are met. Be open to give and take.
- Seek Legal Advice: An experienced family law solicitor can provide valuable advice and ensure that your interests are protected.
What to Consider with a Financial Settlement
There’s no one-size-fits-all answer to what constitutes a fair divorce settlement. Every situation is unique, and what’s considered reasonable will vary based on individual circumstances. However, by focusing on the critical elements of a settlement and being prepared to negotiate, you can work towards an outcome that respects the rights and needs of all parties involved.
Remember, seeking legal advice is essential to navigate this complex process effectively. As family law solicitors, we provide guidance and support during this challenging time. Feel free to reach out if you need assistance.
If you have a question or would like to book an appointment to speak to one of our solicitors, please fill in the form below and we’ll get right back to you.
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