Financial Remedy Proceedings in Divorce: What You Need to Know.
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One of the most daunting aspects of getting divorced is dealing with the financial side of things. Whether it’s splitting assets, dealing with maintenance payments, or ensuring that your financial future is secure, financial remedy proceedings in divorce are crucial. Here is our brief guide to what you need to know about the process.
- What Are Financial Remedy Proceedings?
Financial remedy proceedings are a legal mechanism for enabling couples to divide their finances following a divorce or separation. These proceedings can involve the division of property, savings, pensions, and even the payment of maintenance. The aim of such proceedings is to ensure that both parties are financially secure and that any dependents (usually children) are adequately provided for.
- Do I Need a Financial Consent Order?
A Financial Consent Order is a court order that formalises an agreement between you and your ex-spouse regarding financial matters. It ensures that all assets, debts, and maintenance arrangements are clearly outlined and legally binding. It provides peace of mind that you won’t face future financial claims from your ex-spouse, which lawyers call a ‘Clean Break’.
Without a Financial Consent Order or a Final Order in the Financial Remedy Proceedings, your financial obligations do not come to an end, and your ex could make future claims on your assets, even if you obtain a Final Order in Divorce.
- How Is Property Divided on Divorce?
The division of property is one of the most contentious issues in divorce proceedings. In England and Wales, the courts take a ‘fair and reasonable’ approach when dividing property. Shared property, such as the family home, will typically be divided in a way that ensures both parties can meet their future needs. The court will also take into account the needs of any children, the contributions made by each party during the marriage and any other factors that might impact future financial needs.
- How is Spousal Maintenance Calculated?
A spousal maintenance order can be made where one spouse has been financially dependent on the other or where there is a significant disparity in income, but judges will usually prefer to provide the parties with closure on future financial obligations.
The amount and duration of maintenance will depend on a range of factors, including the length of the marriage, the standard of living enjoyed during the marriage, and the needs and earning potential of each party. Alternatively, instead of a spousal maintenance, a party may receive a bigger share of the assets up-front by way of off-set.
- How Long Does It Take to Finalise Financial Remedy Proceedings?
The timeline for finalising financial remedy proceedings varies according to the complexity of the case. If you and your ex-partner are able to agree on the division of assets and any maintenance, then the process can be completed relatively quickly — often within two to six months. However, if there is a major dispute and the case needs to goes to court for a ruling, it can take longer, with some cases taking a year or more to reach a resolution.
- Do I Need a Lawyer for Financial Remedy Proceedings?
While it’s possible to handle financial remedy proceedings without a lawyer, it’s highly advisable to have professional legal advice to ensure your financial interests are protected. This is particularly important if there are valuable assets involved or there’s disagreement between you and your ex-partner. Legal advice ensures that you understand your rights and responsibilities, and that the final settlement is fair and legally binding.
How we can Help with Financial Remedy Proceedings in Divorce
Our expert family team at Slee Blackwell Solicitors can guide you through every step of the divorce and financial settlement process, providing clear advice and support at every stage. Whether you need help with a financial consent order, spousal maintenance, or property division, we’re here to help ensure your financial future is secure. We can also discuss the best options available to you for funding the financial remedy proceedings.
If you’re ready to take the next step, contact us today for a free confidential consultation. Together, we’ll navigate the complexities of divorce and financial remedy proceedings with confidence and clarity.
Call 0333 888 0404 or email us at [email protected].
