Reaching a fair financial settlement after separation or divorce is one of the most important, and often most contentious, steps in resolving family matters. At Ison Harrison, our Private Family Law team regularly supports individuals navigating this complex process, ensuring their rights are protected and their future is secure.
Unfortunately, many people make avoidable mistakes that can have long-term financial consequences. Here are the most common pitfalls and how to avoid them.
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Failing to Disclose Assets Fully
One of the most serious errors is failing to provide full and honest disclosure of your financial position. Whether intentional or accidental, withholding information can lead to court sanctions, delays, and unfair outcomes.
What to do instead:
Ensure you disclose all assets, liabilities, income, and pensions. This includes overseas property, business interests, and inherited wealth. Our solicitors can guide you through the Form E process and help you prepare a clear, accurate financial picture.
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Agreeing Too Quickly Without Legal Advice
It’s tempting to settle quickly to avoid conflict, especially when emotions are running high. But agreeing to terms without understanding your legal rights can leave you financially vulnerable.
What to do instead:
Always seek independent legal advice before signing any agreement. Our team will assess whether the proposed settlement is fair and advise on your options, including mediation or court proceedings if necessary.
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Overlooking Pensions
Pensions are often the most valuable asset after the family home, yet they’re frequently ignored or misunderstood in settlements.
What to do instead:
Ask for a pension sharing report and consider how pension assets should be divided. We work closely with financial experts to ensure pension arrangements are properly valued and incorporated into your settlement.
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Assuming Everything Is Split 50/50
While equal division is a starting point, the law considers a range of factors including earning capacity, childcare responsibilities, and future needs.
What to do instead:
Let us help you understand how the court would approach your case. We’ll tailor advice to your circumstances and negotiate a settlement that reflects your needs and contributions.
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Not Making the Agreement Legally Binding
Even if you reach an amicable agreement, it must be formalised by a court order to be enforceable.
What to do instead:
We’ll draft a Consent Order and submit it to the court for approval, ensuring your agreement is legally binding and future-proof.
How Ison Harrison Can Help
Our Private Family Law solicitors offer clear, compassionate advice tailored to your situation. Whether you’re negotiating directly, attending mediation, or preparing for court, we’ll guide you every step of the way.
We understand that financial settlements can be daunting, but with the right legal support, you can move forward with confidence.
Contact us today to speak with a specialist family solicitor. Call 0113 284 5000 or email family@isonharrison.co.uk to arrange a confidential consultation.
