What is a Financial Application?
This is the process of resolving financial arrangements/disputes arising from divorce or civil partnership dissolution.
How Can We Help?
Our family team deal with financial settlements of all types and levels, from the case of few assets to high net worth settlements and claims on behalf of children.
No two cases are the same and the complexity of your case will depend on a range of different factors, including business interests, tax liabilities and pensions.
Obtaining an accurate business valuation is fundamental in ensuring that your settlement properly reflects your rightful entitlement. The need for proficient and experienced legal advice is fundamental to the successful running of your case.
High net worth cases can become long and protracted and you need to ensure that at every stage your assets and interests are carefully protected.
What can I expect to happen?
The first step is a referral to mediation which we will do on your behalf. The mediator must sign the application before it can be made to court.
If you're not sure if we can cover your case, please don't hesitate to get in touch with us and we can discuss your specific needs.
First Court Appointment (FDA)
We will make the application to the court and at this point the court will issue a date and time for the first court appointment (referred to as an FDA). We will help you complete a financial disclosure form outlining full details of your financial circumstances known as Form E. Both parties are required to complete this and then exchange:
- a statement about what the disputed financial issues between you are
- a chronology of the important events in your marriage or civil partnership
- a questionnaire if you have any queries on your ex partner’s financial disclosure
Depending on the circumstances and if both parties feel they have sufficient information to negotiate you may settle at the FDA. If this is not possible the Judge will consider what further information is required and order the necessary evidence to be obtained and will fix a date for your next court appointment, known as the financial dispute resolution (FDR).
Want to speak to someone? Call our team on 0114 358 3134
Financial Dispute Resolution (FDR)
The FDR is a ‘without prejudice’ hearing, which means each of you is able to make proposals for settlement that cannot be referred to openly in court afterwards. The Judge will assist you to come to a settlement. If an agreement is made the court can potentially make an order that day to formalise your agreement and end the court proceedings.
If an agreement cannot be reached the Judge will give you further directions and will fix a date for the Final Hearing. At this stage the Judge will hear all the evidence and submissions from your legal teams and from this will make an order about what should happen. Very few cases get to the final hearing stage – most people agree before then.
How much will it cost me?
As all financial proceedings progress we will always keep you up to date with costs to enable you to view the larger picture and consider the costs against the ultimate benefit you hope to achieve on a settlement being reached.
Fixed Fees may be available and will be discussed with you at your initial consultation
There is limited scope to have your costs paid by the other person in financial proceedings. The general rule is that each person pays their own legal fees.Book an appointment today