What is a Matrimonial Agreement and who needs one?
What is a Matrimonial Agreement?
When a couple decides that they wish to separate, they may wish to resolve financial matters outside of the Court arena and enshrine the agreed terms in a matrimonial agreement. It is essentially an out of Court settlement by mutual agreement between parties and their respective solicitors. This provides certainty and peace of mind and is often a more cost-effective route to settlement than contested Court proceedings.
What does a Matrimonial Agreement cover?
A matrimonial agreement will resolve how you and your spouse will divide your assets and wealth once your marriage ends. A matrimonial agreement would typically cover:
- Property divisions – for example, what happens to the matrimonial home or other properties owned by the parties.
- Money, shares, savings and investments
- Division of debt and pensions
- Lump-sum payments
- Children / spousal maintenance
- Personal belongings, e.g. pets, cars, jewellery
In order to negotiate an agreement, parties enter into financial discussions and exchange financial discovery to reach a financial settlement. Each party should provide full and frank discovery, to include proof of respective income, assets and liabilities etc, which is then exchanged with the other party.
How long does it take?
Provided both parties are willing to engage in the negotiation process, this can be achieved fairly quickly. Unfortunately, if one party is unwilling to engage or is slow in providing the required documents, this can cause delay. Sometimes this can result in one party having no alternative but to make an application to the Court in order to progress matters.
Do I need a solicitor for a Matrimonial Agreement?
If you need a matrimonial agreement, obtaining legal advice and representation is very important. Each party should have independent legal counsel for a Court to uphold the agreement.
An experienced Family & Matrimonial solicitor will guide you through gathering and reviewing financial documentation, assist with negotiating the terms of the agreement, drafting the agreed document, and oversee the process of formalising the agreement as a Court Order.
If you have any queries on matrimonial agreements, or another family and matrimonial law matter, please contact us on 0800 840 1363 or get in touch here.