Financial Remedy Orders
When couples are going through a divorce or separation, sorting out the financial side of the relationship can be the cause of a great deal of stress for both parties and all family members involved.
What is a Financial Remedy Order and do I need one?
If couples struggle to determine their financial responsibilities between each other and have tried to do so through mediation, a Financial Remedy Order can be made. This procedure will help each party divide their finances, assets and any savings between each other.
With a Financial Remedy Order you can settle any financial disagreement in court.
Some couples come to a financial agreement on their own, however the court cannot enforce it without a legally binding document.
Couples who are divorcing or separating are advised to consider a Financial Remedy Order that divides their finances and assets (or severs them completely), as couples can still claim against each other’s finances if a legal agreement is not in place.
To make your financial agreements legally binding, our family and divorce mediators can help you with any paperwork; please get in touch today for more information.
How do I apply for a Financial Remedy Order?
Firstly you will need to complete a Form A – Financial Remedy Order application form and send two copies to the court. You should also create yourself a copy of the finished application for your own reference should you need it in the future.
What is the Financial Remedy process?
In order for the court to fully understand your situation, the Financial Remedy Order process can sometimes take between 6 – 12 months before completion. As this order is separate from the divorce proceedings, separate court hearings may be required.
Before any financial matters are discussed, the welfare of any children involved will be considered first. Once this has been considered the court will try to make a decision on whether financial responsibilities between each parent can be completed separated, this is also known as a ‘clean break order’.
Financial factors the court will take into consideration:
- The income of each party
- Any future earnings each party may receive
- Financial responsibilities in the present and future of each party
- The length of the marriage
- How old each party is
- What the current standard of living is for before the divorce
- If either party has any disabilities, both mental or physical
- Each parties contribution towards the marriage and any children
If you’re going through a divorce or separation and need additional help and guidance with dividing your finances, please feel free to call us at one of our five offices at Mansfield (01623 706020), Nottingham (0115 7043388), Derby (01332 372311), Chesterfield (01246 386322) and Matlock (01246 386322). You can also email us on email@example.com.