Getting your funds and assets sorted following a divorce or separation can be overwhelming, but it’s got to be done. However, coming to an agreement with your ex-spouse or partner isn’t always straightforward, which is why a financial remedy order may be needed.
Coming to an agreement on the division of finances and assets following a split from your spouse or partner, allows you to make a clean break following your break up. However, coming to an agreement is easier said than done, financial disputes are second only to child arrangements when it comes to flashpoints in divorce cases.
If you have attempted to reach an agreement with your former spouse or partner over the division of funds, but failed, then a financial remedy order is an option.
What is a financial remedy order used for?
Standard financial remedy orders, formerly known as an ‘ancillary relief order’, are used to settle financial disputes in court.
You can make an application for a financial remedy order to:
- Get a lump sum payment
- Take ownership of a property
- Set up regular payments for help with childcare and living costs
- Access a share of your former partner’s pension
Applying for a financial remedy order
Applying for a financial remedy order is separate to divorce proceedings, meaning that additional fees will apply, on top of legal costs for a divorce.
The cost of applying for a financial remedy order is £255, according to the official UK government website.
In order to apply, you will need to complete a Form A: Notice of [intention to proceed with] an application for a financial order. It is recommended that you seek counsel from a specialist family lawyer for help completing a Form A.
Two copies of the Form A will need to be sent to the Court dealing with your case and you will need to keep copies for your reference.
How long does a financial remedy order take to process?
Finalising a financial remedy order can take 6 – 12 months. As part of the process, you will be expected to attend Court for a series of hearings, which will enable the Court to assess your circumstances and hear from both parties.
Upon filing an application, a first Court appointment must be arranged. There is a 12 – 16 week deadline from the date an application is made to arrange the first Court appointment.
Both parties will then need to prepare a financial statement (Form E), providing full disclosure of funds and assets. Financial statements should be exchanged within five weeks of the first Court appointment.
On the condition that all the required paperwork is filed, the first Court appointment will be considered a Financial Dispute Resolution (FDR) appointment.
For every Court appearance, both parties will be obligated to provide up-to-date cost schedules. Any issues, details, offers, proposals or responses will need to be served before the FDR.
The decision of the Court on the outcome of a financial remedy order will be based on several factors, but primarily the welfare of any child(ren) aged 18 and under.
The Court will then determine whether it’s possible for all financial ties to be severed by what’s known as a ‘clean break order’. A clean break order does not have any impact on child maintenance payments.
The Court’s decision will be based on the following criteria:
- The income, potential future earnings, property and any other financial resources each party have
- The financial needs, obligations and responsibilities of each party currently and in the future
- The standard of living enjoyed by both parties before the divorce
- The age of each party and the duration of the marriage
- Any mental or physical disabilities either party have
- Any contributions either party has made or will make to the welfare of the family, including looking after the home or caring for the family
How Holland Family Law can help
Holland Family Law Leicester provides specialist support for financial remedy order applications. You will be assigned a professional family lawyer who will give you honest advice about what you can expect from your case, as well as helping you with the practical aspects of your application, such as completing a Form A and Form E.
To help keep legal costs down, Holland Family Law provides three, fixed-fee packages for financial remedy order cases including a:
- Basic ‘Clean Break’ Consent Order Package.
- Consent Order Package.
- Complex Consent Order Package.
As compassionate family law lawyers in Leicester, we specialise in settling financial issues and the division of assets following a divorce or separation.
We will advise you on your rights and the financial settlement you are likely to achieve, no matter how complex your finances are, so that you can negotiate effectively with your spouse and, if possible, reach an amicable agreement between you.
The option of Family Mediation will be discussed, and the need to attend a Mediation Information and Assessment Meeting (MIAM) if you are unable to reach an agreement on how your finances should be split.
We can support you through the mediation process and in the event that an agreement is reached, we are able to draft a Consent Order incorporating any agreement contained in the Memorandum of Understanding.
Free 30-minute consultation
Holland Family Law’s service includes a free, 30-minute consultation in most cases, which will enable us to discuss your case and determine the best course of action.