In reaching financial settlements on divorce or dissolution, a number of factors will be taken into account with first priority being given to any minor children of the family. We must consider the income and financial resources of both parties and their financial needs together with the needs of any children. Other relevant factors include the ages of the parties, the duration of relationship and any disabilities of either party to the relationship.
Expert legal advice is often invaluable to assist couples in reaching an appropriate settlement even if you think you can reach an agreement with your former partner or spouse, talking to a solicitor, like the Palmers’ family law team in Essex, will help you to make sure your interests are protected.
Financial proceedings are separate to the divorce or dissolution proceedings and involve each party’s disclosing their financial circumstances to each other.
The parties can arrange a financial settlement without the court’s involvement but if this is not possible, the court will step in. The process will include a Financial Dispute Resolution Hearing (FDR), a hearing at which both parties and their representatives try and achieve a settlement, with the assistance of a judge.
At this point, the court cannot make a financial order without the consent of both parties. If financial matters cannot be resolved, a final hearing will take place at which a judge will make an order which will be binding on the parties.
The court can make a number of orders relating to financial matters, which may include maintenance, lump sums , property orders (such as selling the house or transferring it into one person’s name) or pension orders.
For more information on our same sex marriage and civil partnership legal services, please contact Palmers’ family law team in Essex.