Finances

Property and financial issues can often be dealt with at the same time as divorce proceedings. Please be aware that they have to be dealt with separately from the divorce and the Decree Absolute does not dismiss the financial claims the parties have against each other.

We will, of course, keep you appraised of the factors that will be taken into account when reaching a settlement.

The aim of the Court is to achieve fairness between the parties and the Court has to consider an equal division of assets built up during the marriage unless:

• the marriage was of short duration or
• the assets are insufficient to satisfy capital needs.

Spouses, and former spouses, have the right to make financial claims against each other by applying to the Court for orders. They can be for any or all of the following:

• Maintenance i.e. income payments;
• Adjustment of property ownership i.e. transfer of a house from joint to sole names;
• Lump sum i.e. capital payments;
• Pension sharing orders.
• Division of joint debts
• Financial provision for children

We will need a summary of your financial position in order that we can prepare a schedule of assets and liabilities on your behalf.

In line with the Family Law Protocol, we encourage negotiation by way of mediation.

If an agreement is reached, this is formalised in an agreement known as a Consent Order. This will be sealed by the Court and will dismiss any future claims.

If negotiations fail, or become bogged down, Court proceedings will be necessary. This avoids open ended negotiations.  However, matters can still be settled even if these proceedings are ongoing.