Finances

Financial Settlements

When facing a divorce, separation, or dissolution of a civil partnership, one of the most critical and complex issues to deal with is the financial aspect. 

A formal financial settlement is still needed upon divorce, even if you have maintained separate finances throughout your marriage or civil partnership. Without an agreement, your spouse or partner may pursue financial claims against you in the future. We strongly recommend reaching an agreement and securing a Consent Order, even if you do not share assets like pensions or savings.

Questions to ask yourself include:

• How will you split your assets and debts? 
• How will you manage your living expenses? 
• How will you ensure a fair and reasonable divorce financial settlement? 
• How will you provide for your children?

You will need a binding court order that specifies the details of your agreement with your ex-partner, including arrangements for:

• Property
• Money, shares and savings
• Division of debt
• Pensions
• Child and spousal maintenance

We are here to guide you through dividing those assets, ensuring the most favourable outcome. Our family law solicitors, accountants and other business experts have a wealth of experience in financial matters that apply to divorce cases. 

They can offer you expertise and in-depth knowledge in:

• Family businesses
• Property portfolios
• International Assets
• Tax
• Pensions
• Inherited Assets
• Asset deception

Our team of solicitors can guide you through the negotiations and help with any issues you may encounter to ensure you achieve a successful short and long-term agreement. 

If you need legal advice or representation on finances in family law, contact us for a free initial consultation.

Financial Settlement Disputes

Divorce, while a difficult decision to make, often brings a complex web of financial considerations. The division of marital assets, spousal maintenance, and child maintenance can be contentious issues, leading to Financial Settlement Disputes. These disputes are typically addressed in the UK through negotiation, mediation, or court proceedings.

Financial Settlement Disputes arise when couples cannot agree on the fair and equitable division of their financial assets and obligations following a divorce. 

These disputes can encompass a range of issues, including:

• The valuation and division of marital property, such as homes, savings, investments, and pensions.
• The determination of spousal maintenance, which is financial support paid by one spouse to the other to maintain their standard of living after the divorce.
• Child maintenance is calculated as the financial contribution made by a non-resident parent towards the upbringing and care of their children.

Addressing Financial Settlement Disputes

There are several ways to address Financial Settlement Disputes, each with its advantages and disadvantages:

• Negotiation: This involves direct communication between the spouses or their legal representatives to reach a mutually agreeable settlement. Negotiation can be cost-effective and amicable, but it may only be successful sometimes.
• Mediation: Mediation involves the assistance of a neutral third party, a mediator, who helps the spouses reach a compromise. Mediation can be a less antagonistic and more structured approach to resolving disputes.
• Court proceedings: If negotiation or mediation fails, financial disputes may be resolved through court proceedings. The court will consider the circumstances of the case and decide on the division of assets and financial obligations.

Financial settlement disputes can be emotionally charged and legally complex. Engaging an experienced family law solicitor can be invaluable in navigating this process effectively. At Axis Solicitors, our team of dedicated family law solicitors understands the challenges and intricacies of financial settlement disputes. 

Financial Remedy Applications

Divorce, while a deeply personal and emotionally charged decision, often brings with it a complex web of financial considerations. In the UK, Financial Remedy Applications serve as a crucial mechanism for equitably dividing marital assets and providing financial support to both spouses following the dissolution of a marriage.

Financial Remedy Applications, or ancillary relief applications, are legal proceedings that address financial matters arising from a divorce. These applications encompass a wide range of issues, including:

• Division of marital assets: This involves the fair distribution of property, savings, investments, and other assets acquired during the marriage.
• Spousal maintenance: This refers to ongoing financial support paid by one spouse to the other to maintain their standard of living following the divorce.
• Child maintenance: This is the financial contribution made by a non-resident parent towards the upbringing and care of their children.

Financial Remedy Applications are not mandatory in every divorce case. However, they are often necessary when:

• There are significant marital assets to be divided.
• One spouse has a significantly lower earning capacity than the other.
• Some dependent children require financial support.

How Does the Financial Remedy Process Work?

The Financial Remedy process typically involves the following steps:

• Initial consultation: A family law solicitor will assess the financial circumstances of both spouses and gather relevant information.
• Disclosure of financial information: Both spouses must provide complete and accurate disclosure of their financial assets, income, and liabilities.
• Negotiation: The spouses may attempt to agree on the division of assets and spousal maintenance through negotiation or mediation.
• Court proceedings: If an agreement cannot be reached through negotiation, the court will decide on the financial arrangements.

Factors Considered in Financial Remedy Applications

The court will consider a range of factors when determining the appropriate financial settlement, including:

• The duration of the marriage.
• The financial needs of both spouses.
• The standard of living enjoyed during the marriage.
• The contributions made by each spouse to the marriage.
• The welfare of any dependent children.

Financial Remedy Applications require specialised knowledge and expertise. At Axis Solicitors, our team of experienced family law solicitors provides guidance and representation throughout the Financial Remedy process. We are committed to protecting your interests and securing a fair and equitable financial settlement.

Representation at Court

If you are going through a divorce or separation, you may need to resolve some financial issues with your former partner. This could include how to divide your assets, debts, pensions, and income and whether any maintenance payments are required.

Axis Solicitors offers expert legal advice and representation to help you achieve a fair and reasonable outcome that meets your needs and protects your interests.

Firstly, we will always help you reach an amicable agreement with your former partner through negotiation, mediation, or collaborative law. However, sometimes, these methods may not be suitable or successful, and you may have no choice but to apply to the court for financial remedies.

If this is the case, we will guide you through the court process and represent you at every stage. We will explain your options and rights, gather and analyse the relevant financial information, advise you on the likely outcome, and advocate for your best interests in court.

The court process for financial remedies consists of four main stages:

Stage 1 – Issuing the application

You must fill in Form A and pay a fee of £275 to start the court proceedings. The court will then set a date for the first hearing, which will be between 12 to 16 weeks from your application. Before the first hearing, you and your former partner will also have to exchange detailed financial statements (Form E) and other documents, such as a chronology, a statement of issues, and a questionnaire.

Stage 2 – The first appointment

You and your former partner must attend the first hearing, which will be before a district judge in private. The judge will review both parties’ financial information and documents and identify the areas of agreement and disagreement. The judge may then give further directions on how the case should proceed, such as ordering more information, valuations, or evidence. The judge may also refer the case to a financial dispute resolution hearing (FDR) or a final hearing or suggest mediation if appropriate.

Stage 3 – The financial dispute resolution hearing (FDR)

The FDR is a hearing where the judge will try to help you and your former partner settle. The judge will indicate how they would decide the case based on the financial information and documents available. The judge will also discuss the offers and proposals made by both parties and encourage them to negotiate. If you and your former partner agree on a settlement, the judge will make a consent order to finalise it. If not, the judge will give further directions or fix a date for the final hearing. The judge who conducts the FDR will be different from the judge who hears the final hearing.

Stage 4 – The final hearing

The final hearing is the last stage of the court process, where the judge will decide how to divide the assets and income between you and your former partner. If required, you and your former partner must attend the final hearing and give oral evidence. The other party’s legal representative may also cross-examine you. The judge will consider all the documentation and evidence presented by both parties, as well as the factors set out in the law, such as the needs of the children, the length of the marriage, the contributions of each party, and the standard of living. The judge will then make a final legally binding order for both parties.

Our experienced solicitors can assist you with any aspect of financial remedies. Whether through negotiation, mediation, or court proceedings.

Drafting & Negotiating Agreements Outside of Court

Divorce can be an emotionally and legally complex process, often fraught with uncertainty and disagreement. While court proceedings are sometimes necessary, alternative dispute resolution (ADR) methods, such as mediation and collaborative law, offer a more amicable and cost-effective approach to resolving disputes arising from a marriage dissolution.

At Axis Solicitors, we believe in empowering our clients to take control of their divorce proceedings, guiding them towards mutually beneficial outcomes without costly and time-consuming litigation.

Benefits of Drafting & Negotiating Agreements Outside of Court

Opting for out-of-court agreements presents several advantages over traditional court proceedings:

• Reduced Costs: Court battles can be financially draining, with legal fees, expert witness costs, and court fees mounting quickly. Out-of-court agreements eliminate these expenses, allowing you to allocate resources towards your future and well-being.
• Faster Resolution: Court procedures often involve lengthy delays and adjournments, prolonging the emotional turmoil of divorce. Out-of-court agreements enable you to resolve more promptly, allowing you to move forward with your life sooner.
• Greater Control: Court proceedings can be unpredictable and out of your control. By negotiating agreements outside of court, you and your former spouse retain direct influence over the terms of your separation, ensuring an outcome that aligns with your individual needs and priorities.
• Reduced Conflict: Litigation can exacerbate animosity and hinder communication, making it difficult to reach amicable agreements for both parties. Out-of-court approaches promote open dialogue and compromise, fostering a more positive and respectful atmosphere.

Our expertise extends to drafting legally sound and enforceable agreements that address all aspects of your divorce, including:

• Financial Settlements: We will assist in dividing marital assets, including property, pensions, savings, and debts, ensuring a fair and equitable distribution.
• Child Arrangements: We will help you create a detailed parenting plan that outlines childcare responsibilities, residence arrangements, and child maintenance arrangements.

Our solicitors are skilled negotiators who will represent your interests with unwavering dedication. We will advocate for your needs, ensuring your voice is heard, and your concerns are addressed throughout the negotiation process. Moreover, we will work with your former spouse’s legal representation to find common ground and reach mutually agreeable terms.

Axis Solicitors will empower you to make informed choices that align with your long-term goals and well-being.

Draft Orders & Consent Orders

When couples decide to end their marriage, they must address the financial and practical aspects of their separation. Draft orders and consent orders are legal documents that outline these agreements, providing a clear and enforceable framework for resolving financial matters and child arrangements.

Draft Orders

Draft orders are initial agreements between divorcing couples detailing how they intend to divide their assets, liabilities, and pensions. These drafts are not legally binding until they are approved by the court and transformed into consent orders.

Consent Orders

Consent orders are legally binding agreements that formalise the financial arrangements between divorcing couples. Once approved by the court, consent orders become lawfully enforceable, preventing either party from challenging the terms of the agreement in the future.

Benefits of Draft Orders and Consent Orders

Draft orders and consent orders offer several advantages over litigating financial matters in court:

• Reduced Stress and Conflict: Amicably reaching agreements can significantly reduce the emotional strain and conflict associated with court battles.
• Control Over Outcomes: Couples maintain control over their financial future rather than relinquishing decision-making to the court.
• Cost-Effectiveness: Avoiding court proceedings can save both parties time and money.
• Legal Enforceability: Consent orders provide legal protection, ensuring that both parties adhere to the agreed-upon terms.

While draft and consent orders can be straightforward if both parties are cooperative, seeking legal advice is highly recommended, even if you have reached an initial agreement. 

Suppose you seek a reliable and professional solicitor to help you draft and file a consent order. In that case, you can trust Axis Solicitors to handle your case with care and expertise. We can help you negotiate a fair and reasonable financial settlement with your ex-partner and draft a consent order that reflects your agreement. If necessary, we will also represent you in court and ensure that a judge approves your consent order.

At Axis Solicitors, we understand that divorce and separation can be stressful and emotional. Hence, we offer affordable fixed fees and free initial consultation to suit any budget. Whether you need a consent order or a complex financial settlement, we can help you achieve an outcome that protects your interests and secures your future.