Financial Orders
When the division of finances becomes a challenge during a divorce or separation, a Financial Order can provide the legal framework needed to ensure fair and equitable arrangements.
The Process of Creating a Financial Order
You can apply for a Financial Order either during or after divorce or dissolution proceedings.
The process involves several key stages:
Application Submission: You can apply for a Financial Order at the same time as your divorce or dissolution or at any time thereafter. The application initiates the court process to resolve financial disputes.
First Appointment: The first appointment is a short hearing with a judge, where the details of your application are discussed. The judge may give directions on how to prepare your case for the next stage.
Financial Dispute Resolution (FDR) Appointment: The FDR appointment is a crucial stage where the court helps both parties reach an agreement without needing a final hearing. This meeting is aimed at encouraging settlement discussions, and sometimes multiple appointments may be required.
Final Hearing: If an agreement cannot be reached during the FDR, the case proceeds to a final hearing, where the judge will make a decision on how to divide your finances. The court’s decision will be legally binding.
What Will The Court Take Into Account?
When creating a financial order, the court will first consider Section 25 of the Matrimonial Causes Act 1973.
This section outlines different factors that a judge must take into consideration when considering a fair division of assets.
These main factors are:
- Income and earning capacity
- Financial obligations and responsibilities
- The age of each party and length of marriage
- Mental or physical disability either party may have
- Each parties contributions
- Each parties conduct
- Loss of benefits
How We Assist With Financial Orders
Our experienced family law solicitors are well-equipped to handle a wide range of financial order matters. We provide impartial advice and guidance to help you make informed decisions about your financial future. Tann Law Solicitors can assist with the following financial order issues:
Financial Settlements: We help you negotiate fair financial settlements, ensuring that assets are divided equitably and that the financial needs of both parties are considered.
Prenuptial Agreements: Our experts provide legal advice on prenuptial agreements, ensuring they align with your best interests and are enforceable if needed.
Child Maintenance: We assist in establishing child maintenance arrangements that prioritise the wellbeing of your child and provide the necessary financial support.
Spousal Maintenance: We navigate spousal maintenance issues, ensuring that financial support is provided to the dependent party where applicable.
Property and Asset Division: We offer guidance on the fair division of properties and assets acquired during the marriage or partnership.
Business Interests: If you or your spouse/partner own a business, we can help address the financial implications, including valuation and distribution.
Why choose Tann Law?
We understand the emotional toll that financial matters can take during a divorce or separation. Our legal advisors are committed to providing a caring and supportive service that aims to minimise stress and conflict.
Our qualified family law consultants possess the expertise and experience needed to simplify the financial order process, ensuring that your rights and interests are protected.
We work diligently to achieve timely resolutions in financial matters, allowing you to move forward with your life. While the exact timeframe may vary depending on the complexity of your case, our goal is always to secure favourable outcomes as efficiently as possible.
Q&A
Yes! If everyone involved comes to an agreement, with or without the courts help, a consent order will be drawn outlining the terms of the agreement in full.
This depends on whether both parties are in agreement or not, and how complex their financial situation is. If no agreement can be reached, it should be expected that the process will take significantly longer.
In the unfortunate circumstance that your partner behaves badly, it is unlikely that it will effect the terms of the financial order. There are, however, a few exceptional circumstances that the court would take into consideration, such as excessive spending or serious physical assault.
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