FINANCIALS AFTER DIVORCE - STAGES AND FEES

Once you have applied for divorce, the financials after divorce need to be sorted out - such as splitting up the proceeds from the family home etc.. 

If you can agree then matters can be resolved without going to court by way of a consent order being drafted and then being sent to the court for sealing. 

I would charge 1 hour of my time to draft/advise on a consent order.

IF YOU BOTH CANNOT AGREE THEN THAT MEANS THE MATTER WILL END UP IN COURT 

There will be a standard court fee to pay to submit your application.

The process of financial disclosure on divorce & separation is where you will give full details of your personal financial position, resources, and future needs.

This will normally be exchanged between you and your partner. If there are financial remedy proceedings, you will also provide copies to the Family Court.

The exchange of disclosure will mean that you and your former partner have a full understanding of each other’s financial position and the information can be used to negotiate or reach a fair settlement.

The process will be ordered by the Family Court when you start formal financial remedy proceedings. However, it is very important that you consider disclosure even if you are trying to reach an agreement by negotiating with each other.

This is the process by which you and your former spouse or civil partner determine how to fairly distribute assets following a divorce or dissolution.

This will legally finalise how your finances will be split. The process is also known as financial remedy and ancillary proceedings.

The breakdown of a relationship is hard enough. When this happens, you obviously want the best settlement possible. However, it does mean that you could get into disputes if you cannot agree with your former partner.

It is very important that you have full financial information about your former partner.

It would be very difficult to agree to a settlement if you do not even know the full financial picture. Remember, the finances must be split fairly, and this means having access to all the appropriate information.

There is a duty on you both to provide ‘full and frank’ disclosure.

This means that on an on-going basis you need to make sure you provide a full, clear and accurate position of your finances.

The last thing you need is for your conduct to be questioned on the basis you are not providing full and frank disclosure.

It is possible that the case outcome can be challenged if it is later found that one of you has not given full and frank disclosure.

You will sign a statement of truth, which means that if you deliberately give untruthful information, it may be a criminal offence, or you may be found to be in contempt of Court.

The disclosure wilI be exchanged using Form E. 

The process of collecting evidence means that you rely on third-party organisations. Often, when you request evidence from them, it can cause delays. So, it is important that you prepare efficiently and start to gather the documents as soon as possible.

It is possible for you and your former partner to exchange questionnaires where you can ask relevant questions about the disclosure they have given . This means that you can challenge your former partner if they have not given full disclosure or if the information they have provided is incorrect/evasive.

 FDA HEARING

THE FIRST HEARING 

The First Directions Appointment, or ‘FDA’, is the first hearing in relation to a financial dispute arising from divorce. 

At this point any issues have been outlined and all assets and liabilities of both parties has been disclosed.

The Court will consider both your and your partner’s financial disclosures to establish if any further information is required from either of you. The next steps that are required to be taken will be outlined and a timetable of deadlines to allow for a financial settlement to be reached will be produced.

The parties will be encouraged to reach an agreement if possible. If agreement cannot be reached at this early stage the matter will move on to a Dispute Resolution Hearing (FDR). 

FDR HEARING

USUALLY THE SECOND HEARING 

The purpose of a Financial Dispute Resolution (FDR) hearing is to help parties going through a divorce or civil partnership dissolution to reach a mutual agreement about their finances. 

Most cases are resolved at this stage. You will not give evidence at an FDR but the judge can indicate what settlement he/she feels would be appropriate. The Judge cannot sit on any further hearings on your case and you cannot mention in a later hearing what this judge has indicated. 

Parties going through a divorce or civil partnership dissolution in England and Wales can attend a Financial Dispute Resolution hearing to discuss the financial aspects of their separation, with the goal of reaching a mutually acceptable agreement without having to go to trial.

In this article we will cover some of the key points to consider when attending an FDR hearing:

• What is a financial dispute resolution (FDR)?
• How to prepare for an FDR hearing?
• What happens at an FDR hearing?
• What happens if a settlement is not reached at the FDR hearing?
• How much does an FDR hearing cost?

For specific advice on Financial Dispute Resolution hearings, please get in touch with us.

Financial Dispute Resolution (FDR) is a legal process in England and Wales that is used to resolve financial disputes between parties who are getting divorced or dissolving a civil partnership.

The FDR process is designed to help the parties reach an agreement on how to divide their assets and finances without the need for a costly and time-consuming trial.

During the FDR process, the parties and their legal representatives attend a hearing before a judge. The judge acts as a mediator and tries to facilitate a negotiation between the parties to reach a financial settlement.

The parties will typically present their financial positions to the judge and may also provide evidence such as bank statements, valuations of assets, and other financial documents. The judge may provide a non-binding opinion on what they believe would be a fair settlement, based on the evidence presented and their knowledge of the law.

If the parties reach an agreement during the FDR process, they will sign a consent order that will be submitted to the court for approval and their financial litigation will conclude

There are various steps involved in the FDR process. By correctly preparing for the hearing, you can give yourself the best chance of a smooth and faster financial resolution to your divorce or dissolution, that protects your interests.

Gather financial documents - It's important to gather all relevant financial documents, including bank statements, tax returns, pension statements, and property valuations. These documents will be used to support your case and provide evidence of your financial position.

Prepare a summary of your financial position - Prepare a summary of your financial position, including your income, assets, and debts. This will help you to present your case clearly and concisely to the judge.

Consider your priorities - Before the hearing, think about what is most important to you in terms of the financial settlement. Consider what assets you want to retain, and what you would be willing to compromise on.

Review the law - Familiarise yourself with the law relating to financial settlements in divorce or civil partnership dissolution cases. This will help you to understand what the judge is likely to consider when making a decision.

Prepare for negotiation - Be prepared to negotiate with the other party during the hearing. Consider what you are willing to compromise on and what you are not willing to compromise on.

Seek legal advice - It's important to seek legal advice before the hearing, especially if you are unfamiliar with the legal process. A solicitor can advise you on what to expect during the hearing and help you to prepare your case.

For a free initial consultation on FDR hearings, please get in touch with us.

During a Financial Dispute Resolution (FDR) hearing, both parties involved in a divorce or civil partnership dissolution meet with a judge to try and reach a financial settlement agreement.

Before the hearing you will usually meet with your solicitor and barrister.  They will clarify what result you are hoping to achieve and discuss with you the potential outcomes of the case.

Once the hearing is underway, the barristers representing each of the parties will have the opportunity to present their client’s financial positions to the judge, this may include details of their income, assets, debts and pensions.

It could also involve the exchange of evidence such as bank statements, valuations of assets, and other financial documents.

During the next stage, the judge will facilitate a negotiation between the parties to try and reach a financial settlement. This may involve providing an indication of what they believe would be a fair settlement based on the evidence presented.

The discussions held during the FDR hearing are usually confidential, meaning that they cannot be used as evidence in any subsequent court proceedings. If a settlement is reached, the parties will be asked to sign a consent order, which will be submitted to the court for approval.

It's important to note that if you do not settle at FDR the FDR hearing is not a final decision, and that the judge's role is to encourage the parties to reach an agreement however the judge’s opinion is non-binding and will not be referred to at a final hearing.

If no settlement is reached, the case will proceed to a final hearing. The final hearing in a is the last stage in the legal process if a settlement cannot be reached at the FDR hearing.

At the final hearing, a judge will make a final decision on the financial settlement between the parties involved in the divorce or civil partnership dissolution.

During the final hearing, both parties will present their case to the judge, including evidence of their financial positions. This will often involve both parties giving evidence themselves.

The judge will then make a decision on the division of assets, maintenance payments, and any other financial matters.

The financial settlement made at the final hearing is legally binding, and both parties will be required to comply with the terms of the order made by the judge.

We can provide legal advice and representation to clients dealing with all aspects of separation and divorce.

Additionally, we have extensive experience in handling legal matters related to same-sex marriages and civil partnerships.

Our approach is centred on alternative dispute resolution methods such as collaborative law and mediation.

IF THE CASE IS NOT RESOLVED AT FDR 

IT WILL MOVE ON TO AN EVIDENTIAL HEARING 

THESE WILL BE FOR 1 FULL DAY OR MORE IN COURT.

AT THAT STAGE YOU WILL HAVE LOST THE ABILITY TO AGREE A SETTLEMENT

THAT WILL THEN BE DECIDED BY THE JUDGE.