Family & Matrimonial | Financial Remedy Procedure
Divorcing parties are required to undertake a court procedure to commence their divorce and legal separation. What is sometimes overlooked is that this process only separates the parties legally; it does not deal with the family’s finances. Only a judge can make an Order crystallising the terms of the financial agreement and dismissing the parties’ obligations towards each other. Failure to take this step could result in the parties going their separate ways thinking that they reached an agreement, and one of the parties reneging on the deal and making an application to court in the future.
If the parties cannot reach an agreement, an application to court is required to determine the issue. Both parties will have to provide full disclosure of their respective incomes and their assets.
The judge has wide discretion, which he or she must exercise whilst giving consideration to various factors such as the standard of living enjoyed by the parties, their ages and the parties’ financial needs. This can make the outcome quite unpredictable, and it is it is therefore important to seek early advice to ensure that the building blocks of the case are put in place properly from the outset.