Financial Issues

FINANCIAL ISSUES – Maintenance, Property and Pensions

Many couples are not aware that to reach a legally binding financial agreement you each need to have provided each other with specific information about your financial circumstances. We advise on the level of information necessary in your circumstances and the ways in which you can resolve any financial issues.

If you and your spouse have different incomes or earning capacities we can advise you on maintenance claims, including capitalising maintenance and varying existing orders.

We hope to enable you to reach an agreement as to how the financial issues should be resolved. This can be done directly between you, in mediation, by negotiation between solicitors or through the collaborative process. Click here to view our Resolving Issues Collaboratively page.

If you are able to reach an agreement then we advise that you apply to the Court for a Financial Consent Order within divorce proceedings, which is a document approved by the Court setting out the agreement you have reached and which provides that neither of you can make any further financial claim against the other (provided there is no ongoing maintenance order).

If you are not able to reach an agreement then you can agree to use arbitration to resolve the issues or an application to Court for a Financial Order can be made within divorce proceedings. A timetable will then be put in place for documents to be filed at Court prior to the first hearing when the necessary evidence is discussed before a hearing is arranged. The next hearing arranged is often called a Financial Dispute Resolution (FDR) hearing and then if an agreement cannot be reached a final hearing is fixed for the Court to determine the issues. We have considerable experience of attending Court to represent clients in financial proceedings and preparing the necessary documentation to put your best case forward.

Many clients are not aware that the Court now has the power, as well as making orders transferring or selling property, to share pensions. This means that where there is a difference in the values of pensions an order can be made that enables the pension company to transfer a percentage of the pension into a pension in the other person’s name. Barbara Richardson is the only Resolution Accredited Pensions on Divorce Specialist in Lancashire.