This web page provides a really helpful summary of the different processes that can be used to divide finances during divorce. These are:- 

1. Agree direct between you

2. Mediation (with or without solicitors' help in the background)

3. Through solicitors correspondence 

4. Arbitration

5. Collaborative process

6. Court application 

If mediation is possible for a couple, this would be my suggested route. And, whichever option is used, the agreement should be set out in a formal consent order and approved by the Court so that it becomes final and binding.