How are debts owed to family members dealt with in divorce proceedings?
The first question for the court to determine is whether the debts are legitimate, and this is a...
If you wish to separate from your spouse and deal with the financial matters arising from your separation there are a range of options as to how this can be done:
Reaching a direct agreement- some parties reach an agreement directly as to how they wish for their finances to be divided. Any agreement should still be reflected in a financial order and sent to the court to ensure all financial claims going forward are formally dismissed;
Mediation- meeting with an independently trained Mediator who will look to facilitate an agreement being reached;
Financial disclosure and negotiations through solicitors- our expert family solicitors would always advise clients to enter into financial disclosure so that they are aware of all assets of each party and from there can begin to negotiate a fair settlement;
Court proceedings- if required an application can be made to the Court for assistance in dealing with the division of financial assets. If an agreement cannot be reached during proceedings the Court will list a final hearing within which a Judge will decide how the parties’ assets are to be divided.
If you wish to book in for an initial consultation to discuss divorce and financial matters, our specialist family solicitors are based in both Wolverhampton and Cradley Heath and serve clients across the West Midlands. For all new enquiries, please call 01902 328 355 or complete our online enquiry form and a member of our team will respond.