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Financial Remedy Proceedings

Obtaining a divorce doesn’t prevent either spouse from issuing a claim against the other’s finances, which is why it is normally important that this aspect of a separation is dealt with promptly.

We can assist on complex matters and recommend third parties to provide financial advice where needed.

We strive to resolve financial matters by negotiation wherever possible.  Should that not be a feasible option, then we are able to assist you in court proceedings, in order to guarantee you the best possible outcome to allow you to move on with your life.

Financial matters in divorces are typically dealt with through a process known as financial remedy proceedings. These proceedings are governed by the Matrimonial Causes Act 1973, as well as various other statutes, caselaw, and court rules.

Financial matters are generally handled in the following way:

Financial Disclosure

Both parties are required to provide full and frank disclosure of their financial circumstances. This includes disclosing details of all assets, liabilities, income, and expenses. Financial disclosure is essential for the court to make informed decisions about the division of assets and the award of financial support. Whether or not the matter is contentious, we will need to have a full picture of your assets in order to be able to advise you accordingly.

Consideration of factors

When determining financial settlements, the court considers various factors outlined in Section 25 of the Matrimonial Causes Act 1973. These factors include the financial needs and obligations of each party, the standard of living enjoyed during the marriage, the contributions made by each party to the welfare of the family, the duration of the marriage, and the age, health, and earning capacity of each party.

Division of the matrimonial assets

We will help assess what is and isn’t deemed to be a matrimonial asset. Once this is established, we will look at possible outcomes.

The court aims to achieve a fair and equitable division of marital assets. Marital assets typically include property, savings, investments, pensions, businesses, and any other assets acquired during the marriage. The starting point for asset division is usually an equal division, but the court may depart from this principle based on the specific circumstances of the case.

Contact us

To arrange a preliminary consultation with our family law and divorce solicitors, or to find out how we can support you, please send us an emailcomplete our online enquiry form or call us on 020 7183 8950.

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