Financial Settlement

A divorce can trigger various claims for financial relief. This is also known as “Ancillary Relief” or “Financial Relief”.For You - Financial Settlement

Both you and your husband/ wife can make identical claims against the other for:-

  • Maintenance (ie income);
  • A lump sum (ie capital);
  • Property Adjustment (such as a transfer of a home from joint to sole names);
  • A pension “sharing” or “attachment order” in respect of pension provisions.

When any such order is made the Court takes various matters into consideration such as:

  • income;
  • earning capacity;
  • financial needs;
  • the ages of the parties involved;
  • financial contributions any parties have made and whether any children are involved.

When a financial settlement has been reached this needs to be incorporated into a Consent Order. This sets out how matrimonial assets will be divided and what, if any, maintenance will be paid. This Order is then lodged at Court, for a fee, and the District Judge will then endorse it.

Although the Judge can raise queries of both parties and can even call for a short hearing. However, this does not happen often and usually agreement is reached without the need to attend Court.

If no agreement is made then Court proceedings may be issued by either party after attending compulsory mediation.

In these circumstances an application is submitted to the Court. Both parties must exchange details of their capital, liabilities, income and expenditure prior to the First Appointment. Then both must attend and the attending Judge will then set a timetable and agenda and may order a valuation of the matrimonial home and any assets. If matters cannot be amicably agreed then further hearings will be held until an amicable settlement can be agreed between the parties.

Please contact Adele for more information on 0113 282 7988.