DIVORCE AND MONEY
Financial matters in divorce are a separate legal action to the administrative process of a divorce petition. You can get a divorce in the UK without finalising who gets what financially, both now and in the future.
It is important to ensure that financial matters are finalised, otherwise there is a potential for your ex-spouse to make a claim in the future. The effects of marriage and divorce may continue until a final court order is made in respect of the divorce settlement. It is important to bear this in mind if you are seeking a quick divorce or, as it is sometimes termed, a “quickie divorce”.
THE DIVORCE COURTS’ POWERS IN FINANCIAL MATTERS
All the financial and property issues arising on a divorce are also available on an application for JUDICIAL SEPARATION or dissolution of a CIVIL PARTNERSHIP AGREEMENT except that the Court cannot make a Pension Sharing Order on JUDICIAL SEPARATION.
UK DIVORCE LAW
The Family Court has wide powers in financial applications on divorce. Once a financial application has been made (termed a Financial Remedy Application) the judge has a wide discretion to determine a fair settlement on separation and divorce.
FULL FINANCIAL DISCLOSURE ON DIVORCE
Full Financial Disclosure is essential before offers to settle can be made.
Once the parties have exchanged full financial disclosure each side should be in a position to proceed to settlement without the need for the court to interfere.
Some couples are able to negotiate a divorce settlement via MEDIATION or via negotiation between themselves and their divorce solicitors.
However, if this is not possible an application to the FAMILY COURT becomes necessary.
DIVORCE IN THE UK - COURT ORDERS
The FAMILY LAW COURT can make orders in relation to the following:
- MAINTENANCE – PERIODIC PAYMENTS
- CHILD MAINTENANCE Specific Issue orders