Married Couples (Financials)

There are frequently a number of financial issues to be resolved following the breakdown of a marriage. These often include dividing capital assets and pensions and the provision of maintenance for either party of the marriage or any children of the family.

Voluntary Agreement

You should make every effort to resolve financial issues amicably without resorting to Court proceedings.

We can assist you in negotiating a suitable settlement and can advise you on any proposals made by your spouse or to be made by you. In most cases financial mediation and/or conciliation services are available to assist you in achieving a settlement.

If an agreement is reached then you should have a Consent Order drawn up to ensure that your interests are protected.  A Consent Order is a legally binding Court Order.

Factors/Orders

The Court takes various matters into account when considering what Orders should be made. The Court is obliged to consider all the circumstances of the case and will give first consideration to the welfare of any children of the family under the age of 18.

The courts have a duty to be fair to both parties. The Court must also consider whether there should be a clean break (a once and for all settlement).

Court Proceedings

Not all cases are settled by a voluntary agreement. If an agreement cannot be reached within a reasonable period of time (or the other party will not co-operate or full disclosure is not given) then it may be necessary to commence Court proceedings.

A financial claim is made by way of application to the court following the issue of a Petition. A Court Order can still be made by consent at any time if an agreement is subsequently reached. If the application is not resolved in this way then an Order would be made following a full hearing before a Judge.

Even after Court proceedings have commenced, it is very important to make every effort to come to an agreement with your spouse to save time and costs. More often than not, it is possible to settle a case on terms that are satisfactory to both parties, prior to the final Court hearing.

Chafes have an experienced Family Law Team that can guide you through the resolution of your matrimonial finances.