Financial Claims in Divorce or Separation
A wide range of solutions are used in negotiating the right financial package for you. Children's needs are given priority in any financial settlement.
On divorce, a spouse may claim any of the following:-
- maintenance during and after divorce
- periodical payments and secured periodical payments
- lump sums
- property orders e.g. transferring, selling, settling or varying a settlement
- pensions - earmarking or sharing orders
- certain financial provisions for children such as school fees or "top up" orders in relation to child support
Negotiating a financial settlement in the divorce or separation process starts by examining all the assets, including pensions, investments and other assets, debts and the respective income of the parties.
Recent changes to the law (April 2011) means that the court will expect the parties to any application for a financial remedy to mediate before the application is issued.
Once agreement is reached, the terms are recorded in a document called a Consent Order so called because it was entered into voluntarily i.e. with the consent of the parties.
Some cases settle at court and again the parties will enter into a Consent Order. For a minority of cases that go to a final hearing, it is the Judge who makes the order but this order is not a Consent Order because it was not by agreement.
To discuss your financial needs on divorce or separation or dissolution of civil partnership, contact Patricia Young using the free consultation box in the left hand menu.