For many people, sorting out the division of funds and assets during a divorce or separation can seem daunting. But it’s an unavoidable task and allows you to make a clean break following the split.
In a large number of cases, it is possible to reach an agreement on the division of the matrimonial assets through negotiations. Before commencing financial proceedings you should consider whether matters can be settled by agreement by negotiations using solicitors, mediation or other methods.
However, if you have tried and failed to reach an agreement with your ex-partner over dividing your funds, an application to the courts to resolve matters would be the next step.
In most cases, it is better to try and reach an agreement with your ex-partner, however imperfect, without the court having to make that decision for you.
While it is understandable that many separating couples seek to resolve the matrimonial finance matters directly between themselves without wishing to involve a Solicitor, this can potentially lead to significant issues in determining what is fair and reasonable. This could lead to a party inadvertently losing out on what they may be entitled to seek as part of a fair settlement.
If there is ever any doubt on this, it is important that legal advice be sought at the earliest opportunity so as to avoid any costly mistakes or oversights that could affect a party’s settlement.
Also known as an ‘ancillary relief order,’ a financial remedy order allows you to settle your dispute in court.
How do I apply for a financial remedy order?
You would need to submit a completed application form (also known as a Form A) to court and pay the application fee of £255. Please do note that the process of applying for a Financial Remedy Order is separate from your divorce, although the two are closely linked.
It can take between 6 and 12 months to finalise as there are a number of court appointments and hearings that need to take place. This is so that the court can get a full understanding of the parties overall financial position and assess the assets involved.
If the parties themselves cannot reach an agreement either direct, via mediation or via solicitors then court proceedings will need to be issued.
Once issued the court provides a timetable which must be adhered to otherwise the court can order you to pay the other sides costs. We will advise you in detail as and when it becomes necessary but briefly it involves:
The issue of the Application (Form A)
Lodging a Statement of Financial Information (Form E)
Dealing with any questionnaires
First Directions hearing at which the Court will ensure that all necessary but proportionate information is obtained
A Financial Dispute Resolution Hearing which is in effect compulsory mediation by the Court
A Final Hearing in default of agreement
We understand that separation and divorce is a difficult time for everyone. Terry Jones Solicitors offers a free initial call to talk through any concerns or answer any questions you may have around separation and divorce.
Fill out the form below and a member of our team will be in contact with you.
Solicitor – Head of Family
Trainee Solicitor – Family
Fill out the form below and we will be in contact to discuss your requirements
By submitting your details, you are agreeing to share your data with the Metamorph Group of Companies. To opt out; please see details on our privacy statement by clicking here.