The right to make a financial application automatically arises through the course of divorce proceedings, following the issue of the divorce petition.
If divorce financial matters can be agreed through negotiation, consultation or mediation, the agreements shall be set out within a Financial Remedy Order, known as a Clean Break Consent Order. Once the contents of the Consent Order have been approved by both parties, the draft should be lodged with the Court for a District Judge to consider. Providing that the Judge agrees to the provisions set out, the Consent Order will be sealed by the Court, and it shall become legally binding.
If an agreement cannot be reached, and a Court application is required, the jurisdiction is broad in scope and a Financial Order can deal with all of the following.
- Ownership and occupation of the formal matrimonial home
- The transfer of or continued ownership of all marital assets including land, assets within the matrimonial home, other properties in either parties name, life policies, stocks and shares, savings and motor vehicles
- Consideration of accrued pension benefits in terms of pension sharing orders or pension attachment orders
- Spousal maintenance, also referred to as periodical payments
- Lump sum orders
If you are a cohabiting couple that have separated, the law is different and you shall need to take advice upon your rights in your particular circumstances. It is still expected that you try to resolve your dispute through negotiation, consultation or mediation to reach an agreement.
If this is not possible and housing matters remain in dispute, you would need to make an application with Court under the Trusts of Land and Appointment of Trustees Act 1996 (ToLATA).
There are various Agreements that can be entered into by consent by both parties that may be relevant in your circumstances. These Agreements shall set out each other’s intentions and terms to be abided by. They consist of the following.
- Separation Agreements
- Cohabitation Agreements
- Prenuptial Agreements
- Postnuptial Agreements
Other Family Law Services:
Jemma would give you tailored advice in relation to the contents of these Agreements, specific to the circumstances of your particular case.
Please call Jemma on 07534 175310 for further advice on divorce financial matters.