FINANCIAL REMEDY                                           

Divorce does not automatically resolve financial matters between spouses. Even after a Final Order has been made, financial claims may remain open unless they are dealt with by a court order.

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Financial arrangements may include:

• the family home;

• savings and investments;

• pensions;

• income and maintenance;

• debts;

• business interests; and

• other property or assets.

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It is usually important to deal with financial matters before applying for the Final Order in the divorce, particularly where pensions, property or ongoing financial support are involved.

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Reaching an Agreement

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If you and your spouse reach an agreement, it will usually need to be recorded in a financial consent order and approved by the court. This can help provide certainty and reduce the risk of future financial claims.

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A consent order can deal with matters such as:

• transferring or selling property;

• dividing savings or investments;

• pension sharing;

• maintenance payments;

• responsibility for debts; and

• dismissing future financial claims where appropriate.

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If Agreement Cannot Be Reached

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If agreement is not possible, an application may be made to the court for a financial remedy order. The court can then decide how finances should be dealt with.

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The court will consider a range of factors, including:

• the income, earning capacity, property and financial resources of each person;

• financial needs, obligations and responsibilities;

• the standard of living during the marriage;

• the age of each person and the length of the marriage;

• any disabilities;

• contributions made by each person; and

• the needs of any children.

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How Long Does the Process Take?

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The timescale will depend on the complexity of the finances, whether information is provided promptly, and whether an agreement can be reached.

Some cases are resolved by agreement without contested court proceedings. Others may take longer, particularly where there are disputes about property, pensions, business assets, income or disclosure.

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How We Can Help

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We can assist with:

• explaining your financial claims and options;

• advising on financial disclosure;

• negotiating a financial settlement;

• preparing a financial consent order;

• advising on pensions, property and maintenance issues;

• making or responding to a financial remedy application; and

• representing you during the court process.

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We will explain the process, the likely steps involved and the information needed at the outset. We will also provide clear information about costs before work begins and update you if the position changes.