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Financial
Settlements
Either party to a marriage can apply for financial settlement once divorce proceedings
have been filed. Upon submitting the application to the Court a time-table is
imposed. This requires full disclosure of each party's financial situation, and
leads to negotiation aimed at settlement. If negotiation fails you proceed to
a final hearing in front of a judge who will give a decision. The Court's decision
is binding. The court can impose penalties on uncooperative parties.
Where both parties are in agreement as to division of finances and need to formalise the agreement a Consent Order is submitted to the court. Once sealed by the court it becomes a binding order. |
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Financial
Settlements - Scenario Analysis Example
Mrs G left the home last year due to her husband?s alcoholism. The home is in his name and he refuses to co-operate. He works as a Sales Director and has a large pension accumulated from fifteen years with his employer.
Our solution:
Mrs G petitioned for divorce on the basis of her husband's unreasonable behaviour. At the same time we filed a financial application. When Mr G failed to make financial disclosure we obtained an Order requiring him to do so in 14 days or risk imprisonment for contempt of Court. It was made clear that if he did not co-operate then the Court would make Orders giving Mrs G her share anyway and if necessary Mrs G would be given power to sell the house and to evict him. Mr G then settled the case.
Read more scenarios from other Areas of Law... |
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If you would like to discuss how we could help you with your specific situation please don't hesitate to get in touch.
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