Legal Advice should always be sought before agreeing to any financial settlement to ensure that the agreement is fair. Financial matters that often need to be agreed upon divorce can include:
- Division of Property.
- Division of Pension.
- Division of Assets.
- Joint Debts.
- Financial Provision for Children.
Although Property and Financial issues can be dealt with at the same time as the divorce proceedings they are not dealt with within main divorce proceedings themselves. It is important to note that a Decree Absolute does not dismiss any financial claims between the parties.
As members of Resolution we will attempt to reach an agreement through careful negotiation without the need to attend Court. If an agreement is made between the parties then this can be formalised in an agreement called a “Consent Order” which is then settled by the Court. This dismisses any future financial claims by either party
Financial Remedy Proceedings:
Financial matters can be resolved amicably but if Court proceedings are necessary proceedings may need to be issued. These are known as “Financial Remedy Proceedings”. Eventually it would be up to the Court to decide on a fair settlement. The settlement reached is then contained in a Court Order. However, matters can still be agreed between the parties whilst Court proceedings are ongoing without the need for the Court to intervene.
Factors which are considered in financial settlements:
The Court would look at a variety of factors such as:
- The welfare of any children under 18.
- The current and future earning capacity of either party.
- The financial needs of the parties now and in the future (including housing needs).
- Any physical or mental disability of either party.
- The standard of living enjoyed by the parties before the divorce.
- The length of marriage and ages of the parties.
- Any financial contributions made by either party.
- Any contributions such as caring for the children and looking after the home.
- (In rare cases) any conduct or bad behaviour of either party.
For further information of Property and Finances go to our Frequently Asked Questions page or contact or experienced specialist team on 01253 824216 or email us.