- Bromley020 8290 0333
Financial Provision on Divorce or Dissolution
On divorce or dissolution of a civil partnership, many couples have assets that need to be divided between them. Agreeing on how to divide the assets is often difficult and there is not always an obvious solution to the problem.
All of the members of our family team have substantial experience in negotiating financial settlements and we aim to ensure that negotiations are finalised as quickly and efficiently as possible.
There are statutory guidelines specifying the factors that must be taken into account when deciding on a division of assets. All of the circumstances of the case need to be taken into account and each case will turn on its own facts.
The first task is to ascertain what assets are in the pot to be divided and the sooner that this can be established the sooner the parties attention can turn to negotiating a settlement. Up-to date valuations are needed of all assets including pensions and the more information that you can provide to the mediator or your Solicitor at the outset the quicker your case will progress.
In the event that a couple is unable to agree on a division or negotiate a settlement, either between themselves or with the assistance of a mediator or solicitors, the Court will be asked to determine the financial provision to be made for the parties.
We can discuss with you the suitability of your case for mediation, arbitration, collaborative law, a roundtable meeting and the court process. We will also and advise you of what each method of resolution involves so that we can help you to decide the best course of action.
In order to ascertain what the assets are to be divided, it is necessary for financial disclosure to take place. This can either be on a voluntary basis where you and your spouse have agreed to provide the information or it can be as part of a timetable set down by the Court following an application being made to deal with the finances. Once financial disclosure has taken place, our family team will be able to advise you on what a suitable financial settlement could look like and assist you in negotiations.
If you or your spouse have a pension it is very likely to form part of the assets to be divided. The value of the pension will need to be obtained from the pension provider and it may be necessary to obtain a pension report from an expert to advise on how pensions should be divided. Our family law team have a great deal of experience in the division of assets including private and public sector pensions, armed forces pensions and pensions held overseas.
In some circumstances one party attempts to hide or dispose of assets. In such cases it is necessary to act quickly to secure the assets. This may entail an application to Court for a financial injunction to freeze certain assets. Specialist legal advice must be sought in these circumstances.
At Judge & Priestley we have the knowledge and depth of experience to advise on all types of financial cases whether the assets involved are large or small. We have experience in acting in complex High Court cases for high net worth individuals involving assets both in and outside the jurisdiction, on making applications in this country on overseas decrees and obtaining freezing injunctions when necessary. Whether your case is straightforward or complex we are here to help you find a solution.