An agreement can be reached either by negotiation between the parties and their solicitors, or through the Court process if necessary.
The Courts will assess how any capital should be divided as well as whether or not income should be shared.
The negotiation of a financial settlement will take into account the following factors:
- Children – their financial needs as well as other factors that may affect their future wellbeing
- The length of the marriage
- The current earnings of each party
- The potential earning capacity of each party in the future
- The assets of each party including pensions
- The standard of living the couple have enjoyed during the marriage
- The financial contribution that each party has made to the marriage
- Other contributions that each party has made to the marriage (non financial), such as caring for the children and running the house
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