Financial Issues

Financial Issues Legal Advice

One of the most difficult issues to resolve when a relationship breaks down is how the financial resources and assets of the relationship are to be divided. Our specialist Family Solicitors regularly advise and assist clients in negotiating this difficult aspect of separation.

Whilst in some instances it may be quite straight forward and agreement may be reached easily, many couples are not aware that to reach a legally binding financial agreement you each need to have provided each other with specific information about your financial circumstances. We advise our clients not only on the level of information necessary in your particular circumstances but also the reason why such information is important to review before any agreement can be reached.

We are experienced in helping our clients to identify the most appropriate way for them personally to resolve any financial issues, and in then recording the terms of such resolution. Issues relating to finances can be resolved directly between you, by mediation, by negotiation between solicitors or through the collaborative process. In some circumstances financial issues can only be resolved by application to the court.

We are experienced in assisting our clients to identify the most effective way for them to resolve any financial issues.

If you and your spouse have different incomes or earning capacities we can advise you on maintenance claims, including capitalising maintenance and varying existing orders.

In most cases we will assist our clients in taking all necessary steps to reach agreement as to how the financial issues are to be resolved. If you are able to reach an agreement then we would always advise that you apply to the Court for a Financial Consent Order within divorce proceedings, which is a document approved by the Court setting out the agreement you have reached and which provides that neither of you can make any further financial claim against the other (provided there is no ongoing maintenance order). This is an important document which can help you move on with your life knowing that there is little risk of there being any further dispute over finances once an order has been made.

If you are not able to reach an agreement then you can agree to use arbitration to resolve the issues or submit an application to Court for a Financial Order to be made within divorce proceedings. A timetable will then be put in place for documents to be filed at Court prior to the first hearing when the necessary evidence is discussed before a hearing is arranged. The next hearing arranged is often called a Financial Dispute Resolution (FDR) hearing and then if an agreement cannot be reached a final hearing is fixed for the Court to determine the issues. We have considerable experience of attending Court to represent clients in financial proceedings and preparing the necessary documentation to put your best case forward.

Many clients are not aware that the Court now has the power, as well as making orders transferring or selling property, to share pensions. This means that where there is a difference in the values of pensions an order can be made that enables the pension company to transfer a percentage of the pension into a pension in the other person’s name.

For further information or to discuss how we can assist you please contact us.

.