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Of these, the principle that settlements should meet the needs of the spouses is the first consideration. Once needs have been met – and only if there is a surplus of assets will the sharing principle be engaged. In contrast the principle that one spouse should compensate the other financially as part of a divorce settlement is rarely triggered.
About guidance. This guidance is addressed primarily to courts and legal advisers and is intended: (i) to clarify the meaning of “financial needs” on divorce, with particular reference to the most commonly encountered cases in which the available assets do not exceed the parties’ needs (i.e. “needs-based” cases);
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4 days ago · The Role of Legal Advice in Divorce Financial Settlements. Given the intricacies of financial settlements in a divorce, it is crucial to seek legal advice from a family law expert. A solicitor can help you understand your entitlements, manage negotiations, and ensure that any agreed-upon settlement is legally binding.
Jun 27, 2023 · Each party’s ability to meet these needs should be assessed, considering their earning capacity, assets, and financial obligations. Long-term financial planning and considerations. Divorce settlements should not solely focus on immediate financial needs but also take into account long-term financial planning.
Oct 12, 2023 · In the UK there is no statutory formula to say that the wife gets the family home or the husband keeps his pension or business. Instead, divorce solicitors have to look at all the circumstances and the section 25 criteria. If a couple has dependent children, then the divorce settlement will be shaped by the children’s needs.
During a divorce settlement, assets are divided into matrimonial and non-matrimonial assets. Matrimonial assets (also known as marital assets) are the financial assets you and your spouse built up during your marriage. It is important to understand that debts will also be taken into account as part of the overall financial settlement.
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Oct 9, 2024 · It is often the case that sacrifices and a change in lifestyle will be needed for each person following separation. How we can help. Ultimately obtaining a fair and just financial settlement involves a balance between equality and meeting the needs of the individuals involved. The judges have significant scope for discretion.
