Financial Proceedings – Protecting your finances
In any divorce, dissolution of a civil partnership or separation, it is never easy to agree on the financial aspects.
How should you divide your capital assets?
How do you make sure the needs of both parties and any children are met by the available capital and income?
Agreements about what will happen to a couple financially after a divorce or dissolution are made on the basis that all of their assets have been disclosed. That disclosure needs to cover not only capital but also income and any pensions. Once this information has been made available, both parties can scrutinise each other’s disclosure and begin the process of reaching a settlement.
Once a settlement has been reached, we will prepare a draft order setting out the terms of the agreement and send it to the court for approval. Once approved, the agreement will be legally binding and the settlement you have reached will be put into effect.
However, if the negotiations break down or an agreement cannot be reached then we will need to issue court proceedings.
This process can involve three separate court hearings and can take up to 12 months (although it may take longer in more complex cases or if more than three court hearings are required). If an agreement is not reached in the first two hearings, at the third hearing the judge will make a decision on behalf of both parties.
Financial agreements/orders cover:
- How the housing needs of both parties and their children can be met using the available capital
- How capital assets should be divided
- The valuation of any businesses, companies or other assets owned by either party
- How the parties’ income will be divided and how payments (including interim maintenance, school fees and child maintenance) will be paid to the parties
- The appropriate division, if any of the parties pensions including Pension Sharing Orders, Pension Offsetting or Pension Attachment Orders
If you would like to arrange a call or a meeting to discuss the financial aspects of a possible divorce, dissolution of a civil partnership or separation please email us at [email protected] or call us on 020 8866 1820.