Introduction

A very useful financial procedure flow chart to guide you through the process for matrimonial finances. You can also download the financial procedure chart as a PDF.

Financial Disclosure

  • There should be full and frank financial disclosure with documents in support and often completed the style of Form E

Procedure

For cases that proceed to Court there are commonly 3 types of hearing

  • First Directions Hearing (FDA)
  • Financial Dispute Resolution (FDR)
  • Financial hearing

 

At any stage an agreement can be reached and a Consent Order prepared to record the terms of settlement. The timescale is commonly 6 to 12 months (and on occasions 18 months)

Issues

The parties or a Court may need to consider the following:

  • The need for any valuation evidence (e.g. for a property, business and so on)
  • The need for any additional expert evidence (e.g. pensions, business valuations, tax and so on)
  • Any outstanding issues of financial disclosure

Divorce papers are completed

  • Filing of the divorce papers at Court
  • The Divorce Petition and the supporting payments are filed at Court and the present fee is £550

Factors that are taken into account

  • The first consideration is given to the welfare of any minor child
  • Income, earning capacity, property and other financial resources
  • The financial needs, obligations and responsibilities
  • The standard of living
  • The age of each party and the duration of marriage
  • Any physical or mental disability
  • The contributions of the parties and any relevant conduct

Financial Orders

When weighing up the relevant factors, the Court can award a financial settlement based on:

  • A lump sum of money
  • An Order for sale of a property or transferring rights in it
  • Maintenance
  • Pensions
  • There is no presumption of a 50/50 division and each case needs to be looked at on its own facts.

Download the financial procedure chart as a PDF.

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