FAQ – How do we resolve our financial matters on divorce or dissolution?
9 October 2019 by Aimee Edwards
Following the breakdown of a marriage or civil partnership it is important to consider the financial matters that arise from this and the implications of those on the whole family.
To assist parties in reaching an agreement on financial matters there are a number of options available:
- DIY (do it yourself) – parties reach an agreement between themselves.
- Mediation – an independent third party that will identify issues that are not agreed between the parties and try to help the parties reach an agreement on those matters.
- Lawyers negotiating on the parties behalf – this is generally through written correspondence following the exchange of financial information but may take place at round table meetings.
- Collaborative practice – each party instructs a collaboratively trained lawyer who agrees not to take the case to court. The parties and their respective lawyers try to reach an agreement by working together which usually involves 4 way meetings.
- Arbitration – parties appoint a private arbitrator to act as a judge to make a binding decision for the parties either on specific issues or on all the issues.
- Court proceedings – issuing an application to the court which will set a formal timetable for the parties to follow. If matters cannot be agreed during interim proceedings then the judge will make a decision which will be binding on the parties.
Each family is different and it is important to consider all the options available and decide which route is best for both parties and the children. We recommend that parties seek independent legal advice at an early stage so that they know where they stand from the outset. This may reduce the risk of difficulties and conflict arising later on.
Once parties have reached an agreement it is important to record this in a court order or other formal legal document. It is very important that legal advice is taken at this stage to ensure that the agreement is fair and that no further claims can be made at a later date.
If you need advice and further information our team of experienced family solicitors can help you– contact Fisher Jones Greenwood by calling 01206 700113 or email [email protected].