Financial settlement claims in Family Court

8th March 2015 by

 

When a couple applies for a divorce the family court’s granting of the Decree Absolute is the point at which their marriage is formally dissolved. At this point the spouses’ legal obligations to each other are ended and each party is free to remarry.

When a couple manages to agree all the necessary issues arising from relationship breakdown; such as arrangements for children, child maintenance and how the family assets are to be divided, they can apply for a consent order which is usually agreed by the court with no need for a hearing.

However, when spouses cannot agree how wealth and assets accumulated during the life of the marriage are to be split, one spouse (usually the divorce petitioner) may apply to the court for a financial order (formerly known as ancillary relief).

Healys’ London and Brighton divorce lawyers are highly skilled in representing clients who are making and defending financial claims on divorce and our many years’ experience in the field of financial settlements has led to our involvement in some of the most complex, high-value cases.

Applying for a financial order

Following full and frank financial disclosure (it is illegal to withhold financial information relevant to the claim)  by both parties a court can make certain financial orders, such as:

  • Lump Sum Order – a fixed sum of money will be paid by one spouse to the other.
  • Property Adjustment Order – part or total interest in a jointly owned property will be transferred to one party.
  • Periodic Payments Order – one spouse will pay a specific sum of money to the other over a scheduled period of time, for example per month until children reach 18.
  • Pension Sharing Order – a percentage value of the ‘cash equivalent transfer value’ (CETV) of the pension pot will be calculated and transferred from one spouse to the other.

Talk to Healys divorce lawyers in Brighton and London today

Once the court makes a ruling on a financial claim it can be difficult, and in some cases impossible, to vary the order. Speak to a divorce solicitor today to ensure your financial claim protects your best interests in the long-term.

For more information regarding financial orders on divorce and to talk about what legal action is most suited to your particular circumstances, please call Healys’ divorce family solicitors today.

We are happy to have an initial free-of-charge discussion regarding your situation on a no-obligation basis. So, please call the family departments in either our London or Brighton offices or email your enquiry directly to our family lawyers using the direct contact details available in our staff profiles section.