Financial remedy is the term used to describe the process of sorting out financial matters upon divorce. We can assist you in seeking a resolution and will consider all methods of alternative dispute resolution with you.
Full and frank disclosure of your financial position is an essential part of the process. This is usually exchanged between parties before entering into an agreement. This not only allows us to advise you as to the right settlement but it also enables you to be sure that the agreement is fair and avoids the possibility of the agreement being unravelled at a later date on the basis of non disclosure. When submitting a consent order to the court it is necessary for both parties to complete a financial statement (D81) so that the court can ensure that it has considered the factors it is required to before approving the settlement.
You will no doubt have a number of questions such as how much child maintenance will I have to pay? Will my pension be included? How will the house be dealt with? Our qualified team can provide these answers and negotiate on your behalf on all of these and other relevant issues.
In the event that an agreement cannot be reached we can assist you through the process of a Court application whereby either you or your estranged spouse applies for a Financial Remedy, which is where the Court decides how the matrimonial assets (or debts) are divided.
The process for a Financial Remedy proceeding is as follows:
- Form A issued into Court;
- Court provides date for first appointment (between 12-16 weeks) and sets out directions for the exchanging of financial statements and preliminary documents ready for First Appointment;
- First Appointment takes place and the directions are listed to move the matter towards a Financial Dispute Resolution Appointment (FDR);
- Financial Dispute Resolution Appointment- if the matter is not resolved it is listed for a final hearing; and then
- At the final hearing the court makes the decision and the final order.
Even if you are seeking to agree matters between you it is important to know the factors that are taken into account by the court to ensure you are on the right track with negotiations or in the event that one party takes the matter to court.
These are as follows:
- What the financial resources actually are or are likely to be in the foreseeable future;
- What you both reasonably need for the future;
- The standard of living which you both enjoyed;
- Your respective ages and the duration of the marriage. In this connection the period which you spent living together will be relevant but not as much weight will be placed on that period as will be placed on the duration of the marriage;
- Any physical or mental disabilities which either party might have;
- The conduct of each of the parties;
- The contributions which each of you have made or are likely to make to the welfare of the family. This includes contributions to looking after the home or caring for the family; and
- The value to each of you of any benefit which you might lose by reason of the divorce (for example a pension).
Our experienced team can assist you through the whole process ensuring that you reach the best outcome for you in a cost effective way.
