Financial orders
You may enter into an agreement to divide finances between parties at any time. After starting a divorce application, parties may apply for a court order relating to finances.
The order can include:
- Sale or transfer of property.
- Lump sum payments.
- Pension sharing orders.
- Spousal maintenance.
- Child maintenance.
You must apply for a financial order if you want a clean break final order, or a pension share.
A financial order must be set out in terms which is approved by the court and must be fair to both parties.
The assets are not always divided equally between the parties as fairness is based on the future financial needs to both parties being met.
The financial order must deal with all the assets owned by the parties separately or jointly. Assets are not necessarily disregarded on the basis that they belong to one party, they were owned prior to the marriage, or they have been gifted or inherited; these items may be included when considering the finances of the parties.
The order will also look at how any liabilities and debts will be settled after the divorce.
Prenuptial agreements
Prior to marriage the parties can make a Prenuptial Agreement which sets out how finances will be divided on divorce. The terms of the agreement will not always be followed by the court, the terms must be fair to both parties and allow for both to meet their future financial needs and those of any children.
If you require any assistance or advice with regard to making an application for divorce, or dealing with finances or child arrangements, then please ask to speak with Anne Vincent.
Anne is the head of our family team and has over 30 years' experience in family law, dealing with divorce, separation, children and financial matters. Anne has been working in this area since she qualified and has helped thousands of families and individuals. Anne is based in our Leominster office, and has been since 1996.
Divorces can be difficult, so let us help you.
Gabbs Leominster - 01568 616333
