Divorce Financial Remedy Solicitors

Resolving the Financial Aspects of Divorce or Separation

The end of a relationship has long-lasting financial effects on each spouse or partner, as well as any children involved. The best way to secure your financial health is to work with a solicitor who has expertise in the financial proceedings involved in end-of-relationship issues.

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The term "financial remedy" refers to the manner in which finances are allocated when a marriage ends or when a civil partnership breaks down. This area of law is highly complex and changes frequently. At Rollingsons Solicitors, we stay abreast of changes in the law so that we can serve our clients better. Much of our family law practice centres around protecting our clients' finances at the end of a relationship and ensuring their future needs are met. See our Guide to divorce for more information on the divorce process. 

Understanding Financial Orders

Many couples resolve their financial matters without having to attend a Final Hearing at Court. The settlement agreed is then set out into a Court Order which becomes binding and enforceable. However, if the individuals are unable to reach an agreement they can ask the Court to look at their finances. The Court will only be able to make a certain number of orders depending on the situation. These are as follows:

1. Property Adjustment Order

The Court can order that certain property be transferred from one party to another or sold. This usually involves the family home, but can be almost any type of property.

2. Lump-Sum Order

The Court can order one party to pay the other a lump sum or a series of lump sums; however, if this is ordered, the individual lump sums can be varied in the future.

3. Pension Orders

The Court has power to make the following orders:

  • Pension Sharing Order: This order splits the pension between the individuals in a way the Court deems fair.
  • Pension Earmarking Order: The pension remains with the person who has the pension, but when the pension is drawn, a portion of the lump sum and/or income is earmarked for the other person.
  • No Order Related to Pensions: Occasionally, the Court does not make an Order directly over a pension, but takes it into account as an asset and offsets its value by giving the other individual an additional sum from the capital to compensate for the lack of a Pension Order. If this were done, it is unlikely that the Court would take the pension at its full cash equivalent transfer value since it is not liquid capital that can be cashed in.

Maintenance Orders

There are various types of maintenance orders that can be made; some are temporary whilst others are more permanent:

1. Maintenance Pending Outcome of Proceedings: One person can apply to the Court for maintenance (support) from the other whilst the divorce or dissolution process is ongoing. It is essentially a temporary measure until the divorce or dissolution and related financial issues are finalised. This type of maintenance can include legal fees, but not expenses for children.

An application can be made at any time following the filing of a Petition and can also be backdated to that point. The Court can order maintenance to be paid for a specific period or until a Final Order is made.

2. Spousal Maintenance

Maintenance for a spouse can be in either a lump sum or by periodical payments. The amount and length of time that the support will continue depends upon:

  • The length of the marriage or civil partnership
  • The earning capacity of each individual
  • The age of each individual
  • Whether or not there are children

3. Child Maintenance

Maintenance for children is usually paid until the child reaches the age of 17 or ceases full-time secondary education, whichever is later. Parents cannot dismiss these rights. Child maintenance can either be agreed directly through the parties or can be dealt with by the Child Support Agency.

Maintenance calculations are based on the non-resident parent's net income and the number of children he or she has. The non-resident parent will then pay a percentage of his or her income to the parent with care. The current percentages are 15 percent for one child, 20 percent for two children and 25 percent for three or more children. These figures can be adjusted downward depending on whether other natural children are living with the non-resident parent and the average nights per week the children subject to the assessment spend with them.

The child support assessment does not take into consideration any net income higher than £104,000 per year. In such cases, the Court has the option of granting a "top up" order to the parent with care. In other words, making the non-resident parent pay more than the usual amount.

The London divorce financial remedy solicitors at Rollingsons are specialists in complex financial issues like these. We are praised for our expertise in reaching an outcome that meets an individual's immediate and future needs, whether through negotiations, collaborative law or through the Court process.

Contact Our London Settlement Agreement Lawyers

If you would like to discuss a financial remedy further, please contact the London family law solicitors at Rollingsons. Call 0207 7611 4848 or contact our law firm online.

Family Law Team

 NameOffice(s)Phone Number
Terina Farnan 02076114848
Ewelina Korgol 020 7611 4848

Testimonials

  • Rollingsons Solicitors - Family Law Team

    "...I take this opportunity to thank for your assistance in processing and completing the long and arduous task of obtaining the Decree Absolute. I am, indeed, grateful to you...”

    4.5 Mr R

  • Rollingsons Solicitors - Family Law Team

    "...Thank you for your excellent support and professional services..."

    3.5 Mr C

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    "... my ex-wife accepted my offer and now everything is sorted so I just thought I'd let you know and say thank you for your help..."

    4.5 Mr W

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    “…Thank you for your time and wise counsel…”

    4 Mr F

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    “…Thank you for your expert guidance…I will have no hesitation in recommending your services to colleagues and friends in similar circumstances…"

    4 Mr F

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    “…My husband was seeking a divorce after 17 years of marriage.  I had no idea that there was anything wrong in our relationship and our 14 year old daughter and I were devastated. My solicitor at Rollingsons was reassuring and understood my situation straight away.  The calm manner and efficient dealings of my matter was a huge help during this very difficult time. This last year has been so difficult, navigating through the 'mine field' of divorce while caring for my 14 year old and holding down a job, but thanks to Rollingsons professional advice and kindness life is settled now and I am in a much better place…”

     

    4 Mrs P

  • Rollingsons Solicitors - Family Law Team

     

    “…I got to see my daughter for the first time on Saturday. I'll continue to see her once a month and hopefully build a solid relationship with her. Thanks for your efforts in getting us to this point! It's very much appreciated as I may not have had the opportunity at all without you…”

    4 Mr D

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    “…I just wanted to let you know that my adoption has now been approved…. Thank you, so very much for all your assistance. Your calm and reassuring expertise on the subject was a tremendous help to both me and my wife during a particularly stressful time…”

    4 Mr M

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    “…Thank you for all your help. My great appreciation for all that you have done for me…”

    4 Ms S

  • Rollingsons Solicitors - Family Law Team

    “…Please accept this as my personal thanks to you. I cannot express how grateful I am to Rollingsons for being both effective and genuine. I’d like to thank you for taking your time explaining matters to me and your innovative approaches have ensured the divorce has come through on my terms…”

    4 Ms P

Rollingsons Solicitors - Family Law Team are rated 4 out of 5 based on 10 testimonials.