The world of finances on divorce can be a treacherous affair. It is often said that it hurts most when it affects your pocket.
Here at Cordell & Cordell we know the value to our clients of ensuring you are always kept up to date and in control of your finances. We realise it is not just simply a negotiating tool; finances are a very important aspect of life.
Questions as to what should happen to the matrimonial home, how other assets should be divided, should there be a pension sharing order, and whether maintenance is due to the wife and the children are all questions that arise in the context of finances on divorce.
Parties must try to resolve matters via mediation first unless there is a justifiable reason as to why mediation is inappropriate. If mediation is attempted and a settlement is reached, then the settlement can be incorporated into a consent order sent to the court to reflect the agreement reached. Once approved, the order is binding on both parties.
Where agreement cannot be reached between the parties then a formal application to the court for “financial remedy” (previously known as “ancillary relief proceedings”) becomes necessary. Once proceedings have commenced by either party, a court hearing will then be set to decide the issues.
There are normally only three hearings involved in financial remedy proceedings and yet they are often the most expensive type of proceedings in the practice of family law.
Your solicitor will seek to protect your money in order to ensure the best outcome to protect your finances.
If you would like to find out more about child maintenance costs, you can view Cordell & Cordell’s bespoke child maintenance calculator here.