Financial Settlements in Divorce
Richard Nelson LLP’s divorce lawyers are experienced in helping clients to reach the right financial settlement for their divorce. There are many different routes to a financial order, many of which will allow you to avoid taking the matter to court.
Our family solicitors will advise you on the options that are best suited to your situation and can provide any of the legal services that are required by certain routed to a financial settlement.
Routes to a financial order
When the parties try to reach an agreement on finances there are different routes that can be attempted. There is no right or wrong way and you need to select the option based on:
- How you and your partner are able to communicate;
- How eager the parties are to settle;
- The assets in the matter;
- The costs of the route selected and whether this will outweigh the benefits to be achieved;
- The level of knowledge each party have of each other’s financial position;
- Whether the parties have pre-determined ideas of how-to best settle;
- Whether children are involved;
- If there is any urgency required.
Mediation is strongly encouraged by the courts. This is a process whereby the parties instruct an independent party known as a mediator to assist in reaching a financial agreement.
During mediation, both parties will have to provide financial disclosure of their respective financial position and the matter is addressed over a couple of meetings.
Mediation can take place with both parties in the same room or in separate rooms.
If mediation is successful then a Memorandum of Agreement is drawn up which is then presented to a solicitors to formalise into a financial order. Richard Nelson LLP is able to provide this service should it be required.
This process requires the involvement of solicitors.
Both parties complete the same financial form, known as Form E, which is used in court proceedings to provide financial disclosure of their positions. Upon mutual exchange of the information the parties can investigate each other’s financial positions and once satisfied the parties can then make settlement proposals to each other.
If a proposal is accepted then the financial order will be prepared.
Under this process, each party selects a lawyer trained in collaborative law and meetings take place to reach a financial settlement. Both parties will sign up to the process and this process encourages parties to be fair and open with each other. The meetings take place face to face.
If the process does not work then both parties will need to instruct new lawyers. Our divorce solicitors can help if you are attempting collaborative law for the first time or if you need to instruct a new lawyer.
If the parties choose arbitration, they jointly instruct an independent Arbitrator who they will agree will be able to make a binding decision in their financial settlement. However, the decision will not be binding on the court. If Arbitration is successful then a financial order will be prepared and endorsed by the Court. The Arbitrator will have an independent fee.
This process is private and often has a quicker timetable than court proceedings.
Obtaining a financial settlement in court
Once the divorce has been filed, either party can make an application to the court to determine a financial settlement. You do not have to be the person who filed for the divorce to make the financial application. To be in a position to commence Financial proceedings:
- You must have an application in the court for a Divorce or Dissolution
- You must have attempted mediation unless you have a reason to be exempt.
The court process has three hearings:
- The First Appointment Hearing
- The Financial Dispute Resolution Hearing (known as the FDR)
- The Final Hearing
The matter can be settled by the parties at any point if they are able to negotiate an agreement. However, if they are unable to reach a settlement then at the final hearing the Judge will determine the settlement.
In court proceedings the Judge has the power to make a costs order against any party. Richard Nelson LLP’s solicitors can advise you and ensure that you are properly prepared for your hearings.
Find a solicitor near you
Richard Nelson LLP’s solicitors are happy to work with you wherever you’re based in the country, but we appreciate that many people like to have a more local solicitor for sensitive cases like financial settlements. See below to find out where our family solicitors are based and choose the one who is in the most convenient location for you.
Get in touch
For more information about the services we can provide and about how we can help you and your business, contact us.
Consultant Legal Executive
What we do...
Our solicitors are able to help you reach a financial settlement whichever route to an order that you choose.
Formalise a financial order from a Memorandum of Agreement.
Prepare a financial order after Voluntary Disclosure.
Assist in a Collaborative Law process.
Advise and assist you in court proceedings.