Family and Relationships

Financial Settlement

In matters of family and separation, our seasoned legal experts offer comprehensive financial guidance. We understand the intricacies of dividing assets and liabilities, ensuring a fair and equitable settlement. With strategic insights and meticulous attention, we empower you to make informed financial decisions during these challenging times.

T.G. Collins Solicitors

Securing Your Finances, One Settlement at a Time.

Our experienced law firm specializes in achieving equitable financial settlements for our clients. Through meticulous analysis and negotiation, we ensure that your financial interests are protected. Our dedicated team of legal experts navigates complex financial landscapes, aiming for swift and fair resolutions. 

We understand the importance of securing your financial future, and we work tirelessly to achieve optimal outcomes tailored to your unique circumstances. Trust us to handle your financial settlement with the utmost professionalism and commitment, allowing you to move forward confidently. Your financial well-being is our priority, and we’re here to secure the best settlement on your behalf.

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Financial Remedy

Overview

Court proceedings for financial settlement should be a last resort for most couples. Discussions, mediation and arbitration are usually best explored before engaging in the
formal court process.

The cost of a matter that goes to a final hearing can be prohibitive, sometimes outweighing the value of the assets in question, much to the court’s expressed dismay. It is not unusual for the time frame up to and including the final hearing of a matter to be 12 to 18 months from filing the initial application. When dealing with complex finances, it can be significantly longer.

It is usually in the client’s interest to avoid commencing proceedings which can irretrievably damage ongoing relationships, particularly where there are children. In most cases, settling the matter outside of court saves the client stress, delay, and costs. Some cases need the backbone that formal proceedings bring, whether due to an errant opponent disposing of assets, the drift of time, or a lack of voluntary engagement in discussions.

The alternatives of mediation, negotiation, and compromise are a matter of the practitioner judgment and advice. If parties solve their issues without court proceedings, practitioners can document the agreement in a draft consent order submitted to the court for approval. If divorce or dissolution is not taking place at the same time as the financial settlement then recording any agreement in a separation agreement might be appropriate.

However, these are not 100% binding and there is a risk of duplicating costs between a separation agreement and a later consent order within divorce proceedings. Informally agreeing to or implementing a financial settlement without a consent order carries risk as only a court-approved consent order is binding.

If the matter does go to court because of complex business interests, hotly disputed contributions to a very large asset pool or the intransigence of one party, it is crucial that the practitioner carefully considers all documentation and statements the client files with the court before they are submitted. At the appropriate point in the proceedings, concise witness statements and a clear understanding by the practitioner of the issues genuinely in dispute will reduce the length of the hearings and be appreciated by the court, with consequential costs savings. The courts are ever keen to penalize the party who does not negotiate reasonably or comply with its directions.

The court ability to hear a financial claim depends on whether it has jurisdiction to hear a petition for divorce, dissolution, nullity or judicial separation. Jurisdictional issues for financial remedy matters may arise where the divorce or dissolution has been dealt with outside England and Wales, and when assets or the parties are located in several different jurisdictions.

Many cohabiting couples believe there is such a thing as a common-law spouse, but this is a fallacy.

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Mediation

Before making an application for a financial order, the court requires the client to attend a Mediation, Information and Assessment Meeting (MIAM). This may not result in mediation as the case may not be suitable.

The requirement to attend does not apply:

Once mediation has been completed or an exemption approved, the mediator supplies a certificate. An application for a financial order can then be submitted, accompanied by the certificate, following the standard procedure or the fast-track procedure detailed below.

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The steps involved

Where negotiations and mediation have failed, a court application is made, usually on Form A Notice of (Intention to Proceed With) an Application for a Financial Order or Other Financial Remedy. The application is most commonly made online, following which the court issues it to the parties and sets out a timetable:

There are two other main types of hearing in the overall process: the financial dispute remedy hearing and the final hearing. There can be more than one attempt at the first two, and interim directions appointments may also be required.

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Consent orders

Nuptial, civil partnership or separation agreements cannot oust the jurisdiction of the court whereas consent orders are made with the approval of the court. 

The court does not automatically approve consent orders simply because parties have reached an agreement. The court decides whether the proposed orders are a just and fair outcome, considering the factors set out in s25 of the Matrimonial Causes Act 1973 and Schedule 5, Part 5 of the Civil Partnership Act 2004.


The court can make consent orders without the parties or legal representatives appearing, provided the necessary information has been submitted with the application.

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