The Law relating to Matrimonial Finances is an extremely complex area of law and it is vital that you seek legal advice from a Specialist Finances Lawyer without delay and before entering into negotiations with your Spouse. An agreement formed with your Spouse without seeking legal advice may not mean what you think it does and could cause problems further down the line, which could be costly.
Advice on Finances should be sought as soon as possible so that you have a clear understanding of where you stand and what your options are along with an understanding of any risks involved.
Below are some of the more frequently asked questions in relation to Finances.
Our Finances Specialists can advise you on:
Unfortunately there is not a ‘one size fits all’ way of dividing finances on separation. The reason for this being that no two families are the same and indeed the financial situation of each family differs greatly. The position can vary from the only asset to divide being the family home to clients with a high net worth who may have businesses, shares, multiple properties, properties overseas etc.
Even a Lawyer cannot tell you exactly how a Judge might deal with Finances should the matter proceed to Court. However, there are ways of predicting the likely outcome. In this regard you may find the Matrimonial Causes Act 1973 (Section 25) useful, as this sets out what the Court will consider when deciding how finances will be divided.
No. Divorce and Finances are two separate matters. In fact when you get a Divorce there is no obligation for you to deal with your finances although it is sensible to do so to avoid future problems.
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It is important that you are aware that a Financial Agreement made between the parties, or indeed at Mediation is not legally binding. Only A Financial Order which has been approved and sealed by the Court will be legally binding.
Where parties cannot agree between them and they wish to ask the Court to make the decision by applying for a Financial Order, then the parties will be required to attend Mediation before the application can be made to the Court. After attending a Mediation Information Assessment Meeting (known as a MIAM) you will be given a MIAM Certificate, which you will need in order to apply to the Court for a Financial Order.
There are occasions where a MIAM Certificate may not be required and these are where there is domestic abuse within the relationship or the request for a Financial Order is deemed as urgent.
It is possible to apply for a Financial Order yourself via the Government website.
Although you can apply for the Financial Order yourself, Finances can be extremely complex area of law and we strongly advise that you seek legal advice from a Family Lawyer before applying to ensure that you fully understand what you are applying for and what you may be entitled to.
To apply, see link here to the Government website: Notice of Intention to Proceed with an application for a Financial Order – Form A. A Court fee will be payable on filing the Application.
On receipt of the Application the Court will set a timetable of what is expected by you and the date it is expected and will also detail how your financial information is to be exchanged with the other party.
Our Specialist Family Lawyers have a great wealth of experience in dealing with even the most complex Finances issues and can support and guide you through the whole process, from applying for the Financial Order on your behalf to the Order being granted and the assets being divided.