There are several ways you can reach an agreement regarding financial arrangements when separating or divorcing – directly with your partner, through solicitors, through collaborative practice, via mediation or by entering into arbitration. An application can be made to court if agreement cannot be reached or if the other party will not engage but generally court is considered as a lengthy and expensive process, best avoided if possible. With all methods it is imperative to have a clear picture of each other’s assets, income and pensions before considering what is a fair division.
If you are not divorcing but formally separating, or were never married, then the agreement can be set out in another type of legal document – a ‘Deed’ which formally records the financial arrangements that have been agreed.