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
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.
Many divorcing couples would prefer to keep their divorce out of the courts - and there are many other options available. Mediation, arbitration, the collaborative process and lawyer negotiations are all different ways of coming to an arrangement on children or finances.