What are financial remedy proceedings?
2 August 2022
Financial Remedy Proceedings are proceedings separate to but within a divorce. A divorce would need to be started and if two parties have been unable to reach an agreement on financial settlement, the next step would be to refer to mediation.
Mediation is where the couple would sit with a trained mediator to try and see whether they can resolve finances. They would have to disclose their assets, income, debts etc… to each other. If after mediation, it breaks down without a settlement or if one party will not go to mediation, then it would be open to one of the parties to apply for financial remedy.
This is a process whereby the court would become involved in assisting parties to resolve their finances/ This would involve preparing a long statement of their means called a form E. Once exchanged, further documents are prepared and the first court appointment will generally take place after three to four months. There are usually 2 to 3 hearings.
These hearings will now take place in the court building rather than remotely.
The first hearing is called the first appointment and the second is called the financial dispute resolution. The financial dispute resolution is where the Judge effectively try to mediate between the parties to achieve a settlement. It is an opportunity for the Judge to give an indication as to how they might be minded to resolve the matter and really help the parties to focus on an agreement.
If the parties can reach an agreement, that would be incorporated into a consent order and if they cannot, it would then go to a final hearing before a different judge. The judge would listen to evidence for both parties and would then make an order deemed to be fair and reasonable.
Financial remedy proceedings can be quite costly and generally it is advisable to have advice throughout the proceedings and as to the different orders that can be made.
Where possible, parties should try and reach an agreement as it will be quicker and more cost effective. However, financial remedy proceedings are there to help people who just cannot reach agreement.
Here is a video recorded by Head of Family Law, Sharon Mckie:
Here at Taylor Bracewell our family team are always on hand to assist with anyone considering or proceeding with divorce proceedings. Our team can be there every step of the way to ensure the overall process is as smooth as possible. To contact our family team, please call us on 01302 341 414 or by filling out our online enquiry form.
In addition to this, we have a wide range of content on our website. Here are some article we have hand-selected which you may find beneficial:
