The skilled team of divorce solicitors at Forbes are able to provide advice and help you with your Financial Remedy Procedure to make sure your assets are settled fairly.
SOLVING PERSONAL LEGAL MATTERS
Going through a Divorce can be difficult with a vast range of decisions to be made at a time when you and your family are undergoing a lot of stress. This can be exacerbated by the need to arrange property and finances, which can be a contentious issue.
When financial matters need to be settled as part of a Divorce and they cannot be resolved through mediation alone, a Financial Remedy Application (now also known as a Financial Order) can be made. This is a procedure to establish the division of money and property between the parties.
If you are going through this process, it is important to have expert legal advice to ensure that you are properly represented. The skilled team of solicitors at Forbes is able to provide advice and help you with your Financial Remedy Procedure to make sure your assets are settled fairly as part of your Divorce, while offering you the compassion and support you need at such a traumatic time.
Financial remedy proceedings, which are now known as a financial remedy order, helps to settle the financial dispute between divorcing couples in court if they have been unable to resolve things during mediation.
A financial remedy order can include lump sum payments, shares of pensions, ownerships of a property and regular payments for childcare and other needs.
The first step is to lodge a document known as Form A with the Court in order to start Financial Remedy Procedure. Your solicitor can prepare this document on your behalf and they will be able to advise you of the Court fee payable. Once the Application is filed with the Court, we will also serve any relevant Mortgage Providers or Pension Companies where appropriate.
Both parties are obliged to offer full financial disclosure. This obligation is ongoing throughout the process and extends to a duty to disclose any material changes to either party's finances after initial disclosure has been given.
Once this is done, the Court will timetable your case, taking into account the following factors:
The objective of the First Appointment is for the District Judge to discern if further information is required from either party so that they can establish if full disclosure has been made before negotiations begin to attempt to settle the financial issues.
The District Judge will also decide whether any other Directions need to be made, including the valuation of assets and the obtainment of expert information.
If a settlement is not reached at the First Appointment, the District Judge will set a date for the Financial Dispute Resolution Hearing (FDR).
After any further information has been served upon each of the parties, they are each obliged to make proposals for the satisfactory settlement of their case. These should be filed with the Court before the FDR Hearing.
It is possible for a settlement to be reached before your FDR Hearing, but if it is not then you will try to reach one at the FDR appointment.
At the FDR hearing, the District Judge may indicate what they believe to be a reasonable conclusion to your case, but they will not impose an Order at this time. Instead, negotiations are encouraged and, if an agreement is reached, the District Judge can approve it. If an agreement is not reached, further Directions will be made in order to prepare the case for a Final Hearing.
If an agreement is reached prior to the Final Hearing date, a Consent Order can be drawn up to formally outline the terms and be filed with the Court for approval.
If an agreement cannot be reached, further documents will need to be prepared and you may be represented by a Barrister in Court. You and your former husband/wife will give evidence to the District Judge and they will then decide how the finances should be separated and decide if any one party has an ongoing responsibility to financially support the other.
The Judge will make several Orders which can include:
The Judge will also be considering if a Clean Break can be made, which would mean you and your former husband/wife would have no financial claim against the other. Your solicitor will discuss possible Orders with you throughout your case.
Any children will be considered first and foremost in order to make their housing arrangements and decide on their maintenance. Other things taken into account will be:
A financial order in divorce is a document that sets out how you have agreed to split your finances and assets and is legally binding. Now known as a financial remedy order, this document essentially details the financial agreement in resolution to any related disputes.