Our specialist Financial Dispute Resolution lawyers are highly experienced and are on hand to advise on splitting assets and finances after a divorce. We will help guide you through all the necessary steps to reach an agreed Financial Settlement.
Resolving financial matters after divorce can be a complex and intimidating process.
It is important that you take expert legal advice to ensure that the splitting of finances is fair in all circumstances.
A financial settlement can be worked out in many ways, however, before initiating financial proceedings you should consider whether matters can be settled by agreement. This can be reached through solicitor negotiations or other methods.
In some cases, however, the only option to resolve financial disputes will be to make an application to the court. The key element of this process is a court hearing known as a financial dispute resolution appointment or FDR for short.
What is Financial Dispute Resolution (FDR)?
A FDR is a court hearing where couples are given guidance by the court to reach and agree on terms for financial settlement. The FDR is the second court hearing in matrimonial financial proceedings.
Attendance at a Court for FDR is compulsory for both sides. The hearing is with regards to financial matters and to obtain advice from a Judge concerning the likely outcome in a case where two parties are divorcing.
The hearing is also aimed at allowing the parties to attempt negotiation of a financial settlement without further recourse to the Court.
If divorcing couples are unable to agree on how their assets should be split between them, the Court can be asked to determine how their money and assets should be divided.
This is when financial proceedings begin and there will usually be three main hearings within this process, however, both sides will be encouraged to reach an agreement at each stage of the process.
There are usually three Court hearings within finance proceedings:
First Directions Appointment (FDA)
Financial Dispute Resolution Appointment (FDR)
What Will the Court Consider?
When it comes to getting divorced or dissolving a civil partnership, the court has wide discretion and the outcome of each matter will depend on the individual circumstances and facts of each case.
Reaching a financial divorce settlement is governed by section 25 of the Matrimonial Causes Act 1973, it is, therefore, vital that you seek help and advice from expert divorce solicitors who understand this complex law and the way it is interpreted by the court.
The starting point for the court when ruling on financial disputes in a divorce include considering the following factors:
The income, earning capacity, property, and other financial resources that each of the parties to the marriage has or is likely to have in the foreseeable future
The financial needs, obligations, and responsibilities that each of the parties to
The marriage has or is likely to have in the foreseeable future.
The standard of living enjoyed by the family before the breakdown of the marriage
The age of each party to the marriage and the duration of the marriage
Any physical or mental disability of either of the parties to the marriage
The contributions that each of the parties has made or is likely in the foreseeable future to make to the welfare of the family, including any contribution by looking after the home or caring for the family
The conduct of each of the parties
In the case of proceedings for divorce or nullity of marriage, the value to each of the parties to the marriage of any benefit (for example, a pension) which, by reason of the dissolution or annulment of the marriage, that party will lose the chance of acquiring
In cases where there are young children, the Court’s first concern will always be the welfare of those young children and how their needs will be met
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How long will it take to finalise?
If a divorcing couple manages to reach an agreement regarding their finances and assets, a Consent Order can be drawn up and sent to the Court for approval which takes about 6–8 weeks.
If, however, you cannot reach an agreement, the Court will decide for you and it is likely to take at least 12 months to get to a Final Hearing.
Why Choose Us?
Our specialist financial settlement solicitors will be by your side throughout all stages of proceedings. They will discuss the merits of your case and present you with options on how to proceed.
We have helped many individuals across the country through the complex process of coming to a Financial Settlement.
How to Get in Contact
Please call us on 01234 350 244 or email us at email@example.com for further information and advice about our financial dispute services. We will happily provide you with a free initial discussion about your individual circumstances.
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