Divorce, Separation and Matrimonial Finances
Going through a Divorce and attempting to resolve matrimonial finances and assets is understandably an often stressful and emotional process.
Whilst it is often thought that getting divorced is the most difficult aspect of marital breakdown more often than not it is the resultant financial issues that remain to be resolved between Husband and Wife that can require significant time and effort to reach resolution.
There are a number of ways to resolve assets upon Divorce:
1.The Ancillary Relief Process:
This is the court process used after the issue of Divorce Proceedings which provides parties with a timeline for their case and directions on how the case should advance with the possibility of a Hearing from a High Court or County Court Judge if that proves necessary to resolve matters. Attempts can be made during this process to resolve matters by way of a Consent Order, however this is a costly process which involves engaging counsel to represent you and can often involve engaging experts such as accountant’s, valuer’s, pension actuaries etc.
2.A Deed of Matrimonial Agreement:
This is a process wereby both parties should seek independent legal advice with a view to exchanging their financial details and documentation to the other with the common aim of reaching a final agreement on how assets will be dealt with and distributed between the parties which is formalised in a drawn up Deed of Matrimonial Agreement. This process can be completed in advance of Divorce and will often be advised as a way to deal with matters to avoid the need for court proceedings, often saving the parties time and potentially reducing legal costs. This process does require the will of both parties to attempt to reach resolution and to cooperate fully with the process.
Having many years experience of dealing with such cases we at Collins Solicitors can assist in providing expert advice on both the Divorce and Ancillary Relief process and also to discuss whether having negotiations to reach a Deed of Matrimonial Agreement is a preferable and achievable option.