Financial matters in a separation or divorce

financial maters in separation or divorceThere are different laws in respect of financial provision for parties who are married and for parties who are not married.

Rafiq & Co Solicitors Limited have experience in representing married and unmarried individuals in reaching a settlement. In addition to representing clients in contested proceedings whether to seek a Final Order to settle a matter or whether there has been misconduct, fraud or otherwise and preserving assets or recouping dissipated assets, in order to achieve a fair settlement. Rafiq & Co Solicitors Limited also have experience in jurisdictional issues for example whether the English Courts can make Orders in respect of certain overseas assets.

Married parties

On separation and applying for a divorce, the parties can themselves agree the division of assets or maintenance for either of the parties and/or the children. The agreement must be fair. You can seek advice and/or representation from Rafiq & Co Solicitors Limited in helping finalise an agreement into a document known as a Consent Order which can be made a part of the divorce petition. Providing the correct provisions are in place, then this document can act as a final settlement which neither party can change, except in very exceptional circumstances.

However, where parties cannot agree the division of assets then you can seek advice and/or representation from Rafiq & Co Solicitors Limited in helping to reach a settlement with or without Court proceedings and/or through negotiation and/or mediation. Generally, every effort must be made to try and reach a settlement without the need of going to Court.

However, where such negotiations and/or mediation fail, then you can make a application to the Courts to determine financial matters relating to the marriage.

You can ask the Court to make a lump-sum Order, transfer of property Order, maintenance Order, pension sharing Orders and a range of other Orders. You can also ask the Court to cancel a transfer which has been made in an attempt to defeat the other parties claim to financial provision.

The first step is to determine what is to be divided.

The next step is to determine how this is to be divided. There are many factors the Court must consider. The Court must have regard to all the circumstances in the case, first consideration being given to the welfare of the child. The Court shall also consider other matters such as income, earning capacity, property, other financial resources; the financial needs, obligations and responsibilities which each of the parties to the marriage has or is likely to have in the foreseeable future; the standard of living enjoyed by the family before the breakdown of the marriage; the age of each party to the marriage and the duration of the marriage; any physical or mental disability of either of the parties to the marriage; the contributions which each of the parties has made or is likely in the foreseeable future to make to the welfare of the family; the conduct of each of the parties, if that conduct is such that it would in the opinion of the Court be inequitable to disregard it and a range of other factors.

Throughout the whole procedure a agreement can be reached providing it is fair. However, where a agreement cannot be reached then the Court will make a final decision. Should this be the case then this can be a lengthy and expensive process. It is therefore important to keep an eye on costs as in some cases the costs may exceed the settlement amount.

Call Rafiq & Co Solicitors Limited on (01274) 525710 with your enquiry and/or to book your free initial 30 minute consultation.

Unmarried Couples

Unfortunately, the breadth of law available to married couples is not available to unmarried couples. However, unmarried couples can make a claim under the laws relating to trusts.

Call Rafiq & Co Solicitors Limited on (01274) 525710 with your enquiry and/or to book your free initial 30 minute consultation.

Costs

You can speak to Rafiq & Co Solicitors Limited in respect their fees in respect of their advice and representation. Generally, where matters are straightforward for example where the parties are in agreement, then fees shall be minimal and generally a fixed fee can be agreed.

However, where for example proceedings are challenged then fees can be more expensive.

The current Court fee for filing a application to the Courts as at 21 March 2016 in respect of financial matters is £255.

Call Rafiq & Co Solicitors Limited on (01274) 525710 with your enquiry and/or to book your free initial 30 minute consultation.

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