Finances Frequently Asked Questions
Will I have to go to Court?
If agreement can not be reached by negotiation either between yourselves, via a Mediator or via solicitors then you may need to ask a Judge to make a decision on how the financial issues should be resolved. Both you and your partner have to provide full details and documentation to each other about your finances. Should one party refuse to provide this information, the court can order a person to do so. We aim to resolve cases on your behalf without contested court proceedings.
What happens once agreement is reached?
Regardless of how agreement is reached, at this stage a solicitor will draw up a legally binding document confirming the terms of the agreement. This is an important stage as it minimises the risk of a partner returning long after agreement is reached and claiming more assets, and similarly it minimises the risk of your partner refusing to carry out the agreement and provides you with a remedy, should your partner refuse to honour the agreement.
How long does it take to sort out the finances?
It depends how quickly agreement can be reached. If matters are agreed quickly, a legally binding document can be drafted prior to decree nisi and it can be approved by a court after decree nisi has been pronounced. If a court hearing is required it can take much longer as there is a timetable laid down by the court with time limits for different stages in the financial process.