Financial Remedy Orders in Divorce proceedings
Going through a divorce can create a barrage of mixed feelings, but in any event, you must put your emotions to one side, protect your current assets and secure your future assets. The solution to this is a Financial Remedy Order.
Once a Financial Remedy Order is sealed by a Judge, there are several useful implications on the parties:
- All matrimonial assets are clearly outlined and divided;
- Future claims against ex-partners will be thrown out;
- More importantly; the peace of mind that your finances are protected by a legally binding document that is sealed by a Family Judge.
The starting point for any successful financial remedy order is understanding the expectations of both parties. Ideally, both parties would agree on the separation of assets and the relevant percentages. But in any event, our experienced team can deal with negotiations between parties.
For clarification, all of the following can be included in the Financial Remedy Order:
- All claims for income;
- All claims for capital, that is payments of lump sums, transfers of property and variations of settlements;
- All claims in respect of each other’s pensions;
- All claims in respect of real and personal property including but not limited to furniture, artwork, jewellery and motor vehicles;
- All claims in respect of legal costs excluding those of the divorce proceedings;
- All claims against each other’s estate on death
- All other claims of any nature which one may have against the other as a result of their marriage howsoever arising either in England and Wales or in any other judications.
As per the ruling in White v White , the Court will consider 50/50 of matrimonial assets on division. This can, however, be swayed with the aid of relevant justifications. The Court will look at several Section 25 factors under the Matrimonial Causes Act 1973 when deciding in determining fairness when resolving the financial matters. This includes the health of the parties, whom will have custody of children and the age of the parties, to name a few.
Within the document, both parties must declare all of their assets, accurate as the date of executing signature. Sterling Law are well versed in drafting such declarations and documents and have assisted many long-lasting clients of ours.
Once an Order is sealed by the Court, it acts as a full and final settlement between the parties involved. In practise, this means that either party is unable to bring a future claim against the other party. This has the potential to save the party endless amounts of their net worth. This is protected and if either party does not comply with the order, they may be held in contempt of court, be fined, assets seized or even be put into prison as it is a criminal offence.
Here at Sterling Law we have an experienced and knowledgeable team that deals with Family matters and have dealt with numerous kinds of Financial Remedy Orders; both contentious and non-contentious. We will be able to assist to draft the document, negotiate on your behalf and finalise the order for peace of mind.
Whether both parties agree or not, we strongly advise to undergo this process for financial security and the guarantee that your ex-partner is unable to claim against you in the future.
Should you require any assistance in your divorce, or Financial Remedy Order, please do not hesitate to contact us on the following contact details: