Do I need to sort out the finances following my divorce?
It is important that you take steps to formally settle the financial arrangements between yourself and your former spouse following a divorce.
This is to ensure that you are both able, in as much as possible, to move on with your new lives independently and without any ongoing financial ties to each other in the future.
Who can apply for a Financial Order?
It is open for either party to the divorce to apply to the Court for a Financial Order to determine how the matrimonial assets should be distributed on completion of the divorce.
What assets can the Court deal with?
The Court can deal with all matrimonial assets. This means that it can deal with any assets in which either party to the marriage has a legal or beneficial interest.
In some cases, the Court will also consider pre-marital assets in order to achieve a fair outcome.
When should I apply for a Financial Order?
It is usually best to try and deal with the finances at the same time as the divorce. However, this will not necessarily be appropriate in all cases. We can help you decide when to deal with the finances so it is most beneficial for you.
What types of Financial Order can the Court make?
The Court has a fairly wide discretion to make such Order or Orders in combination that produce a fair outcome. For example, the Court could Order the outright transfer of the former family home to one spouse.
However, the Court can only deal with maintenance provisions for children in very limited circumstances.
How can I apply for a Financial Order?
You will need to submit the correct form to the Court together with your form showing that you have either attempted or are exempt from participating in mediation. The Court will then send a copy of your application to the other parent and list the case for a first hearing. This first hearing is known as a First Appointment (FDA).
How will the Court decide my case?
The Court will have regard to the particular circumstances of your case. It will take into account several factors such as your respective financial and housing needs, the resources available to you, your respective ages and the duration of the marriage.
In each case, the Court has discretion to decide what will be a fair outcome.
How much will I have to pay to make an application?
The Court fee for issuing the application is £255. We offer very reasonable rates for our work and we would be happy to discuss your case with you to work out the most appropriate fee arrangement going forward.
You may also qualify for Legal Aid – please see our Legal Aid page.