Financial Settlement

Financial Settlement on Divorce Lawyers Buckinghamshire and Berkshire

Legal Factors

It is our aim to work with the opposing side and engage in “full and frank disclosure” of the parties’ financial circumstances. We will then look to explore with them the possibility of a settlement that provides financial security for both parties and, if applicable, any children. The legal factors used to decide what is fair are:

• The parties’ incomes, earning capacities and mortgage capacities.
• The parties’ financial needs, obligations and responsibilities.
• The parties’ standards of living.
• The parties’ ages and duration of the marriage.
• Do the parties have any physical or mental disabilities?
• The parties’ respective contributions to the marriage.
• The parties’ conduct.
• Any loss of benefit, whether financial or otherwise.
• The welfare of a child/children of the marriage.

Contact our Divorce Lawyers for Financial Settlement & Financial Order Advice in Buckinghamshire and Berkshire

At Family Law Solutions Solicitors we will ensure that any settlement provides financial security for you and your family with expert advice on financial settlements and financial orders. To speak to our Family Lawyers call us on 0800 2888 396 or contact us.

"From the very first day of using the services of Family Law Solutions Solicitors I felt that the advice I was given was clear and straightforward. I believed it to be honest and I trusted it completely. Communication was excellent and I received prompt and personable replies to any queries I had. Throughout the difficult process I always felt supported and I would 100% recommend Family Law Solutions Solicitors.” - Mrs J, Bracknell  

Financial Statement

At times voluntary disclosure between Solicitors is not appropriate and there is no other alternative but to make an application to Court. Before any application can be made to Court, the prospective Applicant must attend a Mediation Information and Assessment Meeting (MIAMS) with a Mediator. This is a meeting with an independent Mediator to discuss whether the issues can be resolved in any other way other than going to Court. If so, then the parties can engage in the alternative process. If not, then the Mediator will issue a MIAMS form, which must be attached to the Court application. The Court will issue a timetable, which sets out deadlines for certain tasks to be completed by both parties. Firstly, both parties must fill out a Financial Statement (Form E) and exchange the same with the other side. This form contains both parties’ financial information including income, capital and pension provision. Thereafter, each party must exchange a Chronology, Questionnaire and Statement of Issues based on the disclosure so far. This is in readiness for the first Hearing known as the First Directions Appointment.

There are times when, with even the best will in the world, one side will not provide the necessary financial information. At Family Law Solutions Solicitors we will not hesitate to take the necessary legal steps to ensure that the other party will comply and ensure that our client’s settlement is not prejudiced by such actions.

First Directions Appointment

This is the first of three hearings. Both sides will have the opportunity to ask further questions about the other party’s finances. The Judge will set a date for both parties to answer the other’s Questionnaire. If appropriate, the Judge may also ask for joint valuations of certain assets, so that up-to-date information is available for the purpose of negotiations. From the date of the First Appointment to the next Hearing the parties have the opportunity to make “offers” to settle. These offers must be disclosed to the Judge who presides over the next Hearing.

Financial Dispute Resolution Hearing

The second Hearing is the Financial Dispute Resolution Hearing (FDR). By the time of this Hearing both parties will have had all the financial information to consider settling this matter. The Judge will also have the information and may give an indication as to how they would consider settling this matter if it was the third and Final Hearing. The point of this is to give both parties and their advisors an idea of how this matter may proceed; it can assist them to make sensible offers to settle and also have a clear idea of costs if this matter goes beyond the FDR.  If the parties agree a settlement it is embodied into a Consent Order, which is endorsed by the Judge. Both parties are bound to honour the Consent Order. The majority of cases settle at the FDR. Some, however, can proceed to the Final Hearing. The Judge who conducts the FDR cannot hear the Final Hearing, as they will already have seen both parties’ financial offers.

Final Hearing

The Final Hearing is the last Hearing. Once the Judge has heard all the evidence before him, he will make a Court Order.  The Court has the following powers:

• The transfer of a property and / or tenancy.
• The sale of a property.
• To order a lump sum.
• To earmark or split a pension.
• Verify any financial agreement made before a marriage.
• Place a legal charge over a property.
• Maintenance for either spouse or child/dependant.