How the financial procedure works during divorce
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- Experts in financial settlements and pension specialists
Financial settlements are an important part of any separation or divorce. A large part of Pinnington Law Services includes financial settlements. We will use our legal and financial expertise to help you arrange a calm and fair separation or divorce wherever possible. However, it is understandable that you may not be able to reach an agreement with your spouse with regard to financial aspects. We understand that emotions can escalate, especially when children are involved, and as such we will try to help you resolve your situation as amicably as possible.
If necessary, we will involve the courts in order to bring about a fair agreement regarding financial assets. These court proceedings will be based upon several factors as discussed on our Financial Settlements Page. Listed below are several aspects of the financial procedure which occurs in court so that you can better understand our services.
When an Agreement Cannot Be Reached:
When it is decided that a financial settlement cannot be reached outside of the courts, there is a procedure we will need to follow. The steps for this procedure are outlined here:
- Mediation Referral.
- An application to the court called a Form A will be submitted to notify the court of your intention to seek a financial settlement.
- The court using Form C automatically sets a timetable for resolution.
- Both parties are required to exchange financial information in full in order to make a proper decision regarding children and spouses. This form is known as Form E.
- A FDA (First Directions Appointment) will take place to consider four things: if any extra financial information needs to be shared; if property or business evaluations are necessary; if other issues arise; and then to determine the necessary steps for the next stage.
- The FDR (Financial Dispute Resolution Appointment) is next in your case in which a negotiation hearing in front of a judge occurs, with offers that were exchanged prior to the hearing, the judge, assisted by legal advisers, attempt to enrole will reach a settlement.
- If no resolution can be found during the FDR the case will move to a final hearing in which the judge will make the final decision for the financial settlement.
The court will take certain factors into account in order to reach a resolution during the hearings (and the final court hearing if one is necessary). These factors include:
- Welfare of the children
- Financial need, responsibilities, and obligations
- Income, assets, financial resources, and earning capacity
- Standard of living
- Health of each party
- Age of each party combined with length of the marriage
- Loss of rights
At Pinnington Law we advise and assist all of our clients throughout this entire process. We provide help in answering any questions about the steps, procedure, and relevant legal terms that may surface during the settlement phase. Moreover, we will make sure that the court has relevant and full financial disclosure of all assets from both parties.
In all of our cases, we strive to arrange an amicable mediation process where a couple can reach a suitable solution outside of court. However, when court proceedings are necessary, the above steps and factors will help you reach the fairest resolution possible. If you have any questions about the financial procedure which has been outlined in this section, please feel free to ask a member of our staff, seek our additional support links on our website, or book a free initial 30-Minute telephone consultation.