What Is a Financial Remedy Order
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If a couple have been unable to resolve their disagreements in mediation or by way of negotiations through Solicitors the court will decide how the assets will be split.
The order covers many different types of financial matters, including pension arrangements, property ownership, lump sum payments, and regular payments to aid living costs and childcare.
Whilst it is not mandatory to have a Financial Remedy Order when filing for a Divorce it is encouraged so that there is a binding provision in place regarding your finances.
There are steps which need to be taken when applying for a Financial Remedy Order, one of the first steps including the completion of a Form A document. The Form A document should be lodged with the court in order to begin the financial remedy procedure. This can be completed on the behalf of your solicitor who will advise you on any additional fees which will be incorporated.
The court will then timetable your case, taking into consideration different factors such as the date when both parties will exchange financial information. Other documents like questionnaires, the statement of issues, and the date of the first appointment are also included.
Whilst it is possible for a settlement to be reached before the financial dispute resolution, also known as an FDR, one can also be achieved at the financial dispute resolution appointment.
At the hearing, the Judge will give an indication what they may believe to be the most reasonable conclusion for the case. However they cannot impose an Order at this time.
Negotiations are often encouraged at this point in the case, any agreements being reached being approved by the judge. If an agreement is not reached, further instructions will be made to prepare the case for the final hearing.
With the involvement of the court, several hearings will be required. It can often take six to twelve months to get a Financial Remedy Order in place.
The court should schedule the first appointment within twelve to sixteen weeks after the application is made.
During this time, different circumstances such as the income and financial resources of both parties and their individual financial needs will be deliberated when coming to the final agreement.
Organising your finances during a divorce can often be challenging and daunting, that’s why our expert team of family lawyers are here to help. With offices across West Yorkshire, a member of our expert team will be there to guide you through your legal journey. Contact us today.