Expert Legal Adviser MILTON FIRMAN asks: What is Financial Settlement on Divorce?

Oct. 25, 2011 - PRLog -- You face a legal problem.  You may have sought advice and felt let down by the system.  Talk of hourly rates and vast fees.  Appointments you have to wait for, and even travel into town.  Delay, uncertainty and worry, lots of worry.  Now Milton Firman turns all of this on its head.

He advises immediately.  He is on call 24/7.  No appointments required.  He will see you at your home.  In the evenings or at weekends.  Fixed fees or no fees at all.  He is fearless and straight talking.  He is an experienced legal adviser, an expert in this field of law and offers advice regarding the best way forward for you.

FINANCIAL SETTLEMENT ON DIVORCE


Basic Principles of a Financial Settlement

A financial settlement is a process to divide the assets of a couple going through a divorce, which avoids the stress of a trial in court.  There are several factors that need to be decided in a financial settlement.

Child Support

First, if there are children involved then some kind of child maintenance will be required.  You may decide that if the parent who has the children makes considerably less amount than the other parent, then a large monthly child maintenance payment should be made.  You may also decide that if the parent who has the children makes a considerably larger amount than the other parent, then a smaller monthly child maintenance payment may suffice.  On the other hand, if you both have equal custody and you both make an amount that is close to equal, you may decide on no child maintenance arrangement at all.  How you work out child support needs to be fair to both parties and, if you are the party that may need to pay the maintenance, remember it is for your children and their living expenses so try to give them a reasonable amount.

Spousal Maintenance

If there are no children, then you may want to consider spousal maintenance.  This is usually not something that anyone who is getting divorced usually wants to pay, but it may be necessary.  For example, if your spouse has never worked outside the home and needs time to get the training needed to find employment and support her or himself, she or he may need spousal maintenance, at least temporarily.  You may not want to pay spousal support but, if it goes to court, you may be ordered to.  At least by working it out between the two of you, you have more of a say in how much you will pay and how long you will continue to pay it.

Division of Assets

The last aspect that needs to be considered is the division of assets.  These assets include the house, cars, savings, stocks, and items inside the house, or anything that was bought or acquired during the marriage.  This is especially important if you make a great deal more money than the other party and are not getting custody of the children because, if it does go to court, the one who makes the least amount of money and has custody of the children is more likely to receive a majority of the assets though the court system.  The best way to go about this is to be fair to each other.  For example, if you want the house then give your spouse 85% of the monetary assets instead of 50% or give her or him the house in exchange for a large portion of the monetary assets. You may even want to consider selling large assets, such as the family home, that neither of you can agree on and split the profit down the middle.

When working out a financial settlement, it is important to remember that this is a means of keeping the two of you out of court and requires compromise from both sides. In the end, a financial settlement may be best for both parties involved because it will keep you out of a courtroom, from spending large sums on legal expenses, and hopefully help keep the two of you on good terms with each other.

For more information, here is the deal.  Call Milton on 0161 485 1100 or 07909 900449 at any time or him at milton@miltonfirman.co.uk

Write to him at 24 Byrom Street, Altrincham WA14 2EN.

He will always be pleased to speak to you at any time.  In confidence.  With confidence.

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