Family Finance

After the breakdown of a marriage, emotions can run very high. When having to think about the division of assets, it can become very complex. Our specialist family department will strive to protect you from any risks of financial disputes by advising you on your financial rights to protect your position.

Whether you have modest assets or are a high-net-worth individual with assets within the UK and internationally, we will ensure that you obtain a financial settlement to stabilise and protect your immediate financial position, in addition to your long-term financial future, whether by consent of both parties or by way of court litigation.

What is a Financial Order in divorce?

Financial orders are orders of a property or financial nature that can be made by a court on divorce, dissolution of civil partnership, judicial separation or nullity. They include orders to make periodical payments (maintenance), pay a lump sum of money, transfer property (for example, the family home), share a pension or vary an existing financial order.

What does the Court take into consideration?

The Court is under a duty to consider all the circumstances of the case, considering the factors in Section 25 of the Matrimonial Causes Act 1973.
Considering Section 25 of the Matrimonial Causes Act 1973 helps to achieve a fair financial outcome. This includes the following:

Existing or foreseeable income and capital resources available to the parties
The welfare of minor children
The financial needs, obligations and responsibilities of the parties
The standard of living by the parties prior to the breakdown of marriage
The age of the parties
The duration of the marriage
Any physical or mental disabilities of either party
Any contributions made by the parties towards the family home

When should you apply for a financial order?

It is best to apply for a financial order before an application for your final order in your divorce proceedings is made. This is to reduce the effect on your entitlement to assets such as a pension.

What are the options available to me?

Consent Order by way of mutual agreement
This sets out the arrangements which you and your ex-spouse have agreed. It will deal with how you should split your assets and property, as well as any pensions and, if necessary, any debt. Once this is agreed, it will be legally binding and enforceable, eliminating the requirement of court proceedings for a financial remedy.

Application to Court for a financial order
Before making an application for a financial order, a Mediation Information and Assessment Meeting (MIAM) needs to be attended (unless exempted) in order to evaluate whether a settlement could be reached before having to go to Court. If the MIAM is unsuccessful then the applicant can proceed to make an application to Court.

The starting point for the court will be to equally divide all assets accrued during the duration of the marriage including the family home regardless of the ownership. In deciding what order to make, the Section 25 factors will be taken into consideration.

The Court will depart from an equal division as an appropriate course of action, if the needs of any party or children cannot be met.

Contact our London Family solicitors

To arrange an initial consultation with our family solicitor, contact our team so that we can discuss the arrangements concerning your children and assist you further.