Financial Matters in Divorce/Dissolution Proceedings

Certain financial claims arise automatically on divorce. We shall provide you with clear advice on any claims you and your spouse may have in respect of property, other capital, pensions and income and work to reach an agreement as quickly as possible. If it proves impossible to reach agreement amicably, we shall initiate a more formal process to bring the matter to a conclusion, whether that be in or out of Court. Our goal will be to reach a financial settlement which fits your particular circumstances, enabling you and your family to move forward.

There are several ways you can work towards an agreement with the aim of settling outside of the traditional Court process. You can instruct us to negotiate on your behalf with your former partner’s lawyer to resolve matters. We have a proven track record of doing this successfully, as we work hard to develop constructive relationships with our fellow professionals so that we can achieve settlements for our clients. You could also choose to attend mediation, where a trained mediator will help you both reach agreement. Another option is the collaborative process, where you and your former partner attend a series of meetings with your lawyers in order to work towards settlement. Arbitration is another option where you agree to appoint an arbitrator to decide the issues between you. The arbitrator is usually a barrister or solicitor with family law expertise, and the process works in a similar way to, but is generally quicker than, standard Court proceedings. Arbitration is effectively privatisation of traditional public Court proceedings. All families are different – one size does not fit all. We shall discuss with you which one of these processes would be most appropriate for you.

A voluntary settlement can either be reached through direct discussions between the parties, Mediation and/or negotiations through Solicitors. Once a financial settlement has been agreed, it is important that the terms of the same are recorded into a Consent Order. It is only once a Consent Order has been sealed (approved) by the Court that the terms of the same become legally enforceable and binding upon the parties.

Obtaining a final order in divorce is not enough to sever the financial ties between parties. Unless an Order is obtained from the Court regarding the finances, there will be no clean break between the parties and their respective claims against each other remain live in both life and death.

High net-worth divorce cases are those that have assets in excess of the parties’ needs. Often, such cases include business assets, trusts, overseas/multi-jurisdictional issues, pre-marital wealth and substantial pension assets. Such cases may include illiquid asset such as land, agricultural property/land, valuable art, antiques and crypto-currency.

Our specialist family law advisors work closely with Forensic Accountants, Business Experts, Financial Advisors and Pension Actuaries to ensure that our clients receive the best advice regarding potential settlements and the parties’ respective plans for the future.

Where there is a significant disparity of income between the parties, the Court may consider it appropriate to award maintenance in one parties’ favour. Such Orders are usually granted for a limited time only in order to allow a reasonable period of adjustment for the financially weaker party as they eventually gain their own financial independence. Spousal maintenance does not apply to unmarried couples and is separate to any child maintenance that may be payable.