A financial agreement regulates your assets and deal with any income post divorce. it is important that the agreement is formalised by the court, to make it binding.
A financial order is an order designed to settle any financial disputes and fairly separate assets when your marriage ends.
It can include property- family home/ properties owned individually
Either spouse or civil partner can make an application to court to resolve financial disputes arising from divorce or civil partnership dissolution.
The court will direct certain directions to help progress your case there are:
Date and time for the first court appointment
Within 5 weeks before the appointment you must each file at court and exchange a completed financial disclosure form (FORM E)
A short statement about what the disputed financial issues are
Chronology of important events
Questionnaire if you have queries on the other person’s financial disclosure
Form saying whether you will be using the first court hearing for directions or to see if you will be able to reach an agreement.
It is important to provide a full and frank disclosure in proceedings and usually the easiest way would be completing a form E. this form is ultimately designed to be a questionnaire in which the parties set out there financial position.
The court will consider whether any more information is necessary to decide what should happen, this may include provisions for further disclosure or any missing documentation. The idea is that before the next appointment each of the parties and the court will have enough information about the financial position of each party to enable you to negotiate well about your financial matters
You will need to be efficient and organise collecting together your financial information. it will be helpful if you organise all your papers In a folder ready for your solicitor to examine.
There are some documents such as pensions and life insurance that may take a while to come so it is worth asking your provider earlier on in the proceedings so you have it to hand.
It is important for you and your spouse to have full financial information before you agree on your financial arrangements should be separated out. It is important that the resources are split fairly and a full and frank disclosure will assist your solicitors and the court to seek a fair solution.
The court follows the legal principles from legislation and case law. The judges do have the discretion to do what they deem to be appropriate.
This means that the outcome of a financial court proceedings can be difficult to predict.
welfare of child and family
Income, earning capacity property of each party
Standard of living before divorce
Age and duration of marriage
Any physical or mental disability
Contribution made my each party, including looking after the house and bringing up the children
Whether a clean break is appropriate
Conduct of each person only if it is bad