Financial Remedies
Financial Remedies
Are you wondering where to get help facing financial difficulties accompanying a divorce or separation? At RakLAW Solicitors, we have more than 12 years of legal services and conflict resolution experience and our staff is committed to help you negotiate the challenging process of handling financial issues resulting from the breakup of a partnership.
Managing financial conflicts following a divorce or separation is largely dependent on the Financial Remedies Court within the Family Court structure. The Financial Remedies Court steps in to ensure that family finances are distributed effectively by trained judges with extensive expertise in family financial conflicts when traditional approaches fall short in meeting your needs.
Operating throughout England and Wales, the Financial Remedies Court benefits from a network of seasoned judges under regional and national direction. These judges labour assiduously to allocate cases and enable a seamless judicial process. With an eye towards fair results for all involved, they use financial remedy orders to address a variety of concerns, including property transfers, maintenance payments for both spouses and children, and pension sharing.
At RakLAW, we are aware of the significant emotional and financial effects that separation or divorce can cause. Our commitment is to provide professional advice and customised assistance throughout the process, ensuring you receive a solution tailored to your particular situation. Our knowledgeable staff is here to assist you whether your need is guidance on financial conflicts or help negotiate the Court’s procedures.
Allow RakLAW to be your partner in obtaining a fair compensation during one of the most challenging transitions in life.
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Frequently Asked Questions
What is a financial remedy order?
A financial remedy order is a court order made within divorce or civil partnership proceedings that resolves financial matters between the parties. It can cover the division of capital and savings, sale or transfer of property, spousal and child maintenance, lump sums, and pension sharing. Once approved by the court (often as a consent order), it is legally binding and brings finality to financial claims.
How are pensions treated in a financial settlement?
Pensions are usually one of the largest assets in a marriage and must be properly valued and considered. The main options are pension sharing (a clean break, where part of the pension is transferred to the other spouse), pension offsetting (one party keeps the pension while the other takes additional non-pension assets), or pension attachment (a share of benefits paid when they come into payment). A pensions actuary or specialist is often instructed for fair valuations.
Are pre-nuptial and post-nuptial agreements enforceable?
Pre- and post-nuptial agreements are not automatically binding in England and Wales, but since the Supreme Court decision in Radmacher v Granatino (2010), the courts give them significant weight where they have been entered into freely, with full disclosure and legal advice, and where they do not produce an unfair result. Properly drafted agreements can therefore be highly influential in shaping the financial outcome.
Do I have to go to court to settle finances?
No. Most cases are resolved without a contested final hearing through negotiation, mediation, collaborative law or arbitration. Where an agreement is reached, it is sent to the court as a consent order to make it legally binding. Court is generally reserved for cases where there is significant disagreement, non-disclosure, or one party is being unreasonable.
How long do I have to claim a financial settlement after divorce?
There is no strict statutory time limit, but delay can seriously prejudice your claim. Importantly, if you remarry without first making a financial application, you may be barred from claiming most forms of financial relief against your former spouse – the so-called “remarriage trap”. We strongly recommend resolving and recording financial matters by way of a sealed consent order before, or shortly after, the final order of divorce.
What if my spouse is hiding assets?
Both parties have a duty of full and frank financial disclosure. If we suspect assets are being hidden or undervalued, the court has wide powers to order specific disclosure, freeze assets, set aside transactions made to defeat a claim, and draw adverse inferences against the non-disclosing party. Forensic accountants can also be instructed where necessary.
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