Financial Relief
One of the most important issues that arises after the breakdown of a marriage is sorting out the money. Making financial arrangements like this is known as financial remedy (FR) proceedings.
Our financial remedy
Sorting out the money post separation is an area full of pitfalls. Both parties are worried that they will have to pay too much out, or that they won’t get enough back. Achieving a financial settlement between spouses saves time and money for both parties, compared to going to court.
You need to make sure the financial deal you do is right for you (and your children, if you have any). This is why our team at BHP Law are specialists in financial remedy proceedings.
We help you work out what you have and what you need and we do our best to reach agreement with your spouse wherever possible. However, if it’s necessary, we have capable advocates who can represent you at court to protect your interests and ensuring you are properly represented.
What will the Court look at?
If you end up having to make an application to Court for financial remedy because it cannot be agreed, it is important to know what the Court will (and won’t) look at when making its decision. These include:
The Court will only look at the conduct of one party or another if it would be unreasonable not to do so. It doesn’t penalise someone just because they have behaved badly, therefore if your partner, for example, was unfaithful that doesn’t mean they will be entitled to any less money.
- Your assets, both now and potentially in the future
- Your needs, both now and potentially in the future
- Your standard of living before the marriage broke down
- Your age and how long you were married for
- Whether either husband or wife has physical and/or mental disabilities
- What contribution each of you made to the marriage, both in terms of money and also things like looking after the house and children.
What order can be made?
There are lots of different types of Order that can be made in financial remedy proceedings. These include:
- Periodical payments – a regular income
- A secured provision
- A lump sum of cash
- Transfer of property- this means all types of assets – not just land and property
- Pension attachment – a regular income which is taken from someone’s pension
- Pension sharing – the pot of assets within a pension scheme is divided up.
As we appreciate no two couples have exactly the same assets, we know that there is no ‘one size fits all’ approach to financial remedy proceedings. We will spend time with you to work out what you need, and how best to achieve this.
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