Understanding Divorce and Finances

Divorce is a major life event that can be both emotionally and financially overwhelming. One of the most important parts of the process is deciding how to divide finances fairly. At LDJ Solicitors, our experienced family law solicitors in Nuneaton and Hinckley help individuals reach clear, legally binding financial settlements that allow them to move forward with confidence.

Understanding Your Financial Options

 When you separate, you and your spouse need to decide how to divide your property, savings, pensions, and income. There are several routes to reaching a financial settlement:

• Direct negotiation – you and your spouse can agree between yourselves how finances will be divided, but you should still take legal advice before finalising any agreement.
• Solicitor negotiation – our family law team can negotiate on your behalf to protect your interests and aim for a fair outcome.
• Mediation – an independent mediator can help you work through disagreements in a constructive way.
• Court application – if agreement isn’t possible, either party can apply to the family court for a financial remedy order.

Financial Remedy Proceedings

If a court application becomes necessary, the court will:

• Set a timetable for both parties to exchange financial disclosure (usually by completing Form E).
• Require up-to-date valuations of assets such as property and pensions.
• Hear evidence and submissions if agreement still cannot be reached.

The court has wide discretion under the Matrimonial Causes Act 1973 to make a fair order based on the unique facts of your case.

Division of Matrimonial Assets

 Matrimonial assets usually include:

• The family home
• Savings and investments
• Pensions
• Business interests and personal property acquired during the marriage

The court considers a range of factors, including the length of the marriage, both parties’ contributions, future earning capacity, and most importantly, the housing and welfare needs of any children. Wherever possible, the court aims to achieve a clean break, meaning that neither spouse will have ongoing financial obligations to the other (apart from child maintenance, where applicable).

The Family Home

 The family home is often the most significant asset. Options can include:

• Selling the property and dividing the proceeds
• Transferring ownership into one spouse’s name
• Delaying a sale until a trigger event (such as the children finishing school)

Our solicitors can help you explore the most practical and fair solution for your circumstances.

Spousal and Child Maintenance

The court may order spousal maintenance where one party needs ongoing financial support and the other has the ability to pay. In most cases, the court will encourage financial independence within a reasonable timeframe.

Child maintenance is usually handled by the Child Maintenance Service (CMS), but the court can address child support as part of wider financial remedy proceedings in some situations. For more information about arrangements for children, visit our Children Law page.

Pensions and Divorce

Pensions can be one of the largest assets in a marriage. The court can make orders for:

• Pension sharing – dividing pension funds fairly between spouses
• Pension attachment – directing part of a pension income to the other spouse
• Offsetting – adjusting the division of other assets to account for pension value

Independent pension experts are often instructed to ensure a fair calculation and outcome.

Consent Orders: Making Your Agreement Legally Binding

If you and your spouse reach an agreement, we can prepare a Consent Order and submit it to the court for approval. Once sealed by the court, this order becomes legally binding and prevents either party from making future financial claims.

The court fee for a consent order is currently £60 (separate from legal fees). Judges will only approve an order if they consider it fair and that both parties understand the implications.

Why Choose LDJ Solicitors in Nuneaton & Hinckley

Our dedicated family law solicitors in Nuneaton and Hinckley have decades of experience helping clients achieve fair financial settlements. We are members of Resolution and the Law Society’s Children Panel, and we pride ourselves on providing clear, practical advice tailored to your situation.

Whether you are looking for help with:

• Financial remedy applications
• Clean break orders
• Spousal maintenance disputes
• Pension sharing

We will guide you through every step of the process with professionalism and care.

Talk to Our Local Family Law Experts

If you are going through a separation or divorce in Nuneaton, Bedworth, Hinckley, Atherstone, Coventry or beyond, we are here to help. Call us on (024) 76 745000 or visit our Family Law Page.