Financial Proceedings

Protecting your financial interests

In any divorce or separation, agreeing on financial matters can be very complicated. How should capital assets be split for example? Or how can the needs of both parties and – any children – be met from the capital available?

Agreements about what will happen to a couple financially are made on the basis that there has been full disclosure of all assets, including, for example, capital, income and pensions. Once this information has been disclosed, and both parties have had an opportunity to question the other’s disclosure, each side puts forward a proposal in an attempt to reach settlement.

Once settlement is reached, we prepare a document setting out the terms of the agreement and send the draft order to court for approval. Once approved, the agreement becomes legally binding and whatever settlement has been made goes into effect.

If however, the negotiations breakdown or agreement cannot be reached then court proceedings are issued. This process, which can take between ten and twelve months, involves three court hearings. If an agreement hasn’t been reached in the first two, the judge will make a decision in the third hearing on behalf of both parties.

Financial agreements/orders cover:

  • How the needs of both parties and children’s housing can be met from the capital available
  • How capital assets should be apportioned
  • Valuation of businesses and companies
  • Division of income; payments to wife or husband, to include consideration of interim maintenance, school fees and child maintenance
  • Pension Sharing Orders

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