Financial Settlement

How do I reach a financial settlement?

There are several ways to reach a financial settlement. Settlements can be agreed by a couple themselves or with advice and help from a third party such as a solicitor, mediator, or arbitrator. A settlement can be sealed as a legally binding Court order without the need to attend court.

There are occasions when it is not possible to reach an agreement for multiple reasons. When this occurs an application can be made to Court to allow them to resolve it for you. You are still permitted to reach a mutual agreement despite having active proceedings in court. This is also encouraged by the Judge.

The “in-court” process

First appointment

On making an application for financial relief, a First Appointment hearing will automatically be listed, and a court timetable will be put in place for certain procedural steps to take place before this first hearing.

The First Appointment is not a substantive hearing, so the court will not make any decisions about the outcome of the case. It will, instead, make sure that the court has everything it needs to be able to do so at the next hearing.

Further dispute resolution hearing

This is a “without prejudice” hearing. This means that what is said at this hearing cannot be referred to in the following hearings. The intention is to encourage parties to put forward their proposals for settlement so that there can be an early resolution of the case.

The judge will consider the proposals put forward by both sides and will give them an 'indication' of what they would possibly be awarded if they continued to pursue such proceedings. This would give both parties an insight in what to expect if they go to the final hearing. The judge that makes this decision will not be permitted to govern the case at the next hearing.

Final hearing

At a Final Hearing, the judge will hear evidence, most often, from the parties themselves. The judge will decide how the assets should be distributed and whether, for example, any orders for maintenance are appropriate. The terms of the judge's award are then incorporated into a court order, which is binding on the parties.

Can a divorce financial settlement be reopened?

It is possible to reopen a divorce financial settlement but extremely rare. In most circumstances, once a financial settlement has been officially recorded in the form of a consent order, the financial ties between the divorcing couple are broken and neither of them will be entitled to make financial claims in the future.

However, a court may allow a financial settlement to be reopened if something later happens that alters the principle on which the original consent order was made.

1. A new event(s) occurs that invalidates the basis, or fundamental assumption, on which the original consent order was made.
2. The new event(s) must have occurred within a relatively short time after the consent order was made.
3. The request to re-open the financial settlement is made soon after the new event occurs.
4. The appeal does not prejudice any rights to assets acquired by third parties (for example, if a house has been sold to an unconnected third party).

Why choose Westridge Legal?

We work with you to ensure you understand the process and feel comfortable with every decision. It's important to work with experts whom you trust, and who have the knowledge and experience to secure you the best possible result.

Our team of family lawyers are aware of the sensitivity and complexity involved in such matters. We understand that every individual requires different care and are here to support you every step of the way to ensure that the best outcome is achieved with minimal disruption to your life.

If you wish to speak about your options directly with our specialist staff, please contact us on 0121 724 0302 to book a consultation today.