There is no 'standard' way of emotionally processing something as difficult and stressful as a divorce, and the added anxiety of dealing with the financial side of the proceedings can only make this harder. At Dylan Nair solicitors, our team of expert solicitors will do everything we can to make this process as smooth and accommodating as possible.
The process of dividing finances during a divorce should not be a mystery. It will differ depending on whether you and your ex are able to find a mutual agreement about the division of resources early on. Those resources include:
· Income
· Savings
· Properties
· Pensions
· Investments
· Business Interests
· Financial commitments
Below is an outline of the steps involved in finding a financial resolution with your ex. You must attempt options 1 and 2 before you can proceed to option 3:
1) Attempt to privately find a mutually acceptable agreement between you and your ex. Once successful, write up a consent order to reflect that agreement and have it approved by the court. (For more about consent orders, see Consent Orders
OR
2) Attend mediation with your ex to find a mutually acceptable agreement. Once successful, have a consent order approved by the court.
OR
3) If mediation is not successful, apply to the court for a financial order, leading to a financial dispute resolution process which will dictate how assets are distributed between the divorcing couple. It starts with a ‘full and frank disclosure’ of each party’s assets. That will be followed by a final hearing.
After agreeing upon a financial resolution, whether through option 1, 2 or 3, there will be a legally binding financial agreement between you and your ex for the division of your financial resources.
If pursuing a financial agreement through option 3, the court will need to try and find a ‘fair settlement’ between you and your ex, prioritising the needs of ant children involved. Though the starting point of the court is a 50/50 split of resources, that very often changes to reflect the position of each party.
Section 25 of the Matrimonial Causes Act 1973 sets out the issues that the Court is to consider in deciding how to exercise its powers in option 3. These are as follows:
a) the income, earning capacity, property and other financial resources which each of the parties to the marriage has or is likely to have in the foreseeable future, including in the case of earning capacity any increase in that capacity which it would in the opinion of the court be reasonable to expect a party to the marriage to take steps to acquire;
b) the financial needs, obligations and responsibilities which each of the parties to the marriage has or is likely to have in the foreseeable future;
c) the standard of living enjoyed by the family before the breakdown of the marriage;
d) the age of each party to the marriage and the duration of the marriage;
e) any physical or mental disability of either of the parties to the marriage;
f) the contributions which each of the parties has made or is likely in the foreseeable future to make to the welfare of the family, including any contribution by looking after the home or caring for the family;
g) the conduct of each of the parties, if that conduct is such that it would in the opinion of the court be inequitable to disregard it.
The Dylan Nair Solicitors Family Law team are specialised in helping our clients get the best possible financial outcome. We will give you as much advice as you need while you experience these difficulties, to help you decide your next steps going forward.
For more information about the process, and for advice tailored to your situation, get in touch.
Call us on Preston 01772 494366 or fill in our contact form at Contact Us – Dylan Nair .