Whereas divorce proceedings can be relatively straightforward (provided both parties agree to it), financial remedy proceedings are usually the most complex aspect of any divorce.
The first stage in reaching a financial settlement is for both parties to exchange financial disclosure, which ensures that there is a complete picture of all assets, liabilities and income.
This can take time and often involves input from other professionals (for example, actuaries in respect of pensions valuations, surveyors in terms of property valuation, accountants for tax and business concerns, etc.). Each party is under a duty to ensure that all disclosure is accurate, full and frank.
The Family Court has a wide discretion as to what orders it can make and, in doing so, takes a number of factors into account.
These include present and future needs (for example, for housing and income), earning capacity, age, length of marriage, standard of living and any particular contributions either party has made. As a result it is vital that you obtain advice from an experienced family lawyer.
The court has the power to make lump sum, property sale/transfer, pension sharing, and spousal maintenance orders, which are completely separate to child maintenance payments.
It is important to understand that the court can only work with the assets in existence and, in certain circumstances, this will necessarily involve the parties having to adjust their lifestyle and housing expectations.