A Divorce And Financial Agreement is essential when couples in England and Wales are seeking to formalize their financial arrangements during divorce proceedings. This document is particularly crucial as it provides clarity and certainty regarding the division of matrimonial assets and ongoing financial obligations. It should be used when parties have reached an agreement on financial matters and wish to make it legally binding. The agreement must comply with current legislation, including the Matrimonial Causes Act 1973 and recent reforms under the Divorce, Dissolution and Separation Act 2020. It typically includes provisions for property division, pension sharing, maintenance payments, and can also address arrangements for children.
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1. Parties: Details of both parties to the divorce, including full names and addresses
2. Background: Marriage date, separation date, and brief history of the relationship
3. Definitions: Key terms used throughout the agreement
4. Division of Assets: Detailed breakdown of how matrimonial assets will be divided
5. Financial Obligations: Ongoing financial responsibilities including maintenance payments
6. Clean Break Provisions: Terms establishing financial independence between parties
7. Implementation: Timeframes and mechanisms for implementing the agreement
1. Children Arrangements: Details of child custody and maintenance arrangements - use when the divorcing couple has children under 18
2. Pension Sharing: Details of pension division between parties - use when pension assets need to be divided
3. Property Transfer Provisions: Specific arrangements for transfer of property ownership - use when real property needs to be transferred between parties
4. Business Interests: Arrangements regarding shared business interests - use when parties have shared business assets
1. Schedule of Assets: Comprehensive list of all matrimonial assets and their agreed values
2. Schedule of Liabilities: List of all joint and individual debts and responsibilities
3. Property Details: Full details of any properties involved in the settlement
4. Pension Information: Details of pension arrangements and actuarial valuations
5. Implementation Timetable: Detailed timeline for implementing various aspects of the agreement
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