How are financial assets divided when a couple divorces?

Q: I have recently issued divorce proceedings on the basis that my wife and I have been separated for more than two years and we both consent to the divorce.

Although our separation was relatively amicable, we have not been able to mutually resolve the division of our financial and property assets.

My wife has remained living in our former matrimonial home which is worth £275,000 and is mortagage free. My wife has asked me to transfer our property to her and she is also seeking a share of my pension. We do not have children together so I feel that this is unreasonable.

I want to issue an application to the court for a financial order but I lack knowledge of the process and I am concerned about what will happen throughout the divorce proceedings.

Our response:

It is important that you issue an application to the court for a financial order to ensure that any financial agreement made is legally binding.

Following this application, the court will issue a date for a directions appointment along with a list of standard directions which you will be required to carry out before your first appointment. Prior to the appointment, both your wife and yourself will need to complete a Form E financial statement outlining full details of your financial circumstances and documentation providing evidence of your assets and income.

You will then have the opportunity to review your wife’s Form E with your solicitor who will help you prepare a list of questions to clarify any unclear information or information which you may feel has been omitted from the form.

Your solicitor will prepare a chronology of important dates in your case, such as the date of marriage, seperation and when divorce proceedings were issued. A statement of the issues in dispute between you and your spouse will also be prepared prior to your first hearing.

At the first directions appointment the court will order further directions as to how your case will progress. These directions will include clarifying any questions each party may have about the others Form E, and a possible requirement for your property to be valued and a report on your pension to be prepared.

Following these actions, a date will be set for a financial dispute resolution appointment. This hearing will give you and your wife the opportunity to negotiate your financial settlement in the hope of resolving your dispute by agreement. At this stage the court will reccommend how the case should be resolved but you and your wife do not need to accept this indication and may decide to continue negotiation. If it is still not possible to resolve your dispute by agreement, the case will be listed for a final hearing.

At the final hearing both parties will present oral evidence to the court. You and your wife will also be asked questions by both your own and your spouse’s solicitor or barrister. Following this, the court will make a legally binding decision providing absolute finality in regards to the financial settlement.

Only in relatively rare cases is it necessary for there to be a final hearing. Many cases are resolved prior to this stage at the financial dispute resolution hearing.

You should always seek specialist legal advice to assist your divorce as financial proceedings can be complex and an experienced solicitor will be able to guide you through each stage.

For more information about financial proceedings on divorce, or to discuss any aspect of family law, contact Janine Hutson on 01772 258321 or at janine.hutson@harrison-drury.com