Finances

Reaching a decision on how to divide matrimonial finances is often one of the most difficult aspects of going through the breakdown of a marital or civil partnership.

A decision on the division of your matrimonial finances must be made whilst going through a divorce, otherwise you will remain financially tied to your spouse.

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Things to consider.

Whether held in joint names or sole names, you will need to consider a number of factors, including:

  • Any property
  • Savings
  • Debts
  • Pensions

How can a decision be reached?

There are a number of ways to reach a decision with your spouse about the division of your matrimonial finances.

  1. Private negations
  2. Mediation
  3. Negotiations through Solicitors

Once you’ve reached a financial settlement, this will then need to be transferred into a formal court document (a Financial Remedy Order) which you and your spouse are bound to follow. This will provide you both with peace of mind that the agreements in place cannot be broken.

If you’ve already reached your decision, Michael Rose & Baylis offers a fixed-fee service for preparing your Financial Remedy Order and other relevant documents to minimise your legal fees.

What happens if you cannot reach a decision?

If you and your spouse cannot reach a decision, you will need to request that the court assist in the process. It is best practice to attempt mediation before seeking court intervention, unless you there is a good reason why this would not be appropriate. The court takes various matters into account when considering what order should be made, with an aim of achieving fairness.

It is important that you receive specialist advice throughout this process in order to protect your finances and to ensure your financial stability in the future. We always endeavour to offer clear and concise in order to ensure that you receive the best possible outcome.

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