We need help with the financial side of our break-up
Part of the divorce process, the settlement of financial matters is actually handled as a separate process. This is formally referred to as ‘Ancillary Relief’.
In our experience, the settlement of finances can be dealt with through careful negotiation. Court should be seen only as the last option. If together we’re able to get such an agreement early on, it will be incorporated into an Order of the Court, formally known as a Consent Order.
Normally, cases only go to Court if circumstances are complicated, where there are high value assets involved or if your partner is not being open about their assets. In such tricky situations, we do our utmost to protect your position to ensure a successful, swift and satisfactory conclusion is reached.
Agreement and closure could occur at any time. We have therefore broken the process into four major stages – all of which could vary but equally might not happen in every case. As part of each stage, we have indicated what costs will arise. You can use all the steps or some of the steps at any stage of the proceedings. The total cost is £10,000 + VAT & Court fees and is equivalent to 4% of the assets based on a case involving liquid assets of £250,000. The fees arising can be split into smaller amounts which are paid at various stages.
1st COURT APPOINTMENT
This step is available if agreement cannot be reached in Stage 1 and proceedings need to be issued. This stage will compel financial disclosure and is used as a “Housekeeping” hearing to narrow down the issues between you.
If your case progresses this far and provided all the evidence and Orders have been complied with from Stage 2, the Judge will assist and encourage settlement negotiations.
This is the final step where if the case has not been settled on a voluntary basis, the Court will make a ruling on financial matters. Every couple’s financial matters are different, but as a guide, where your combined liquid assets do not exceed £250,000* March Solicitors want to remove uncertainty by giving you a cost for closure of your joint financial responsibilities.
*If your combined liquid assets are greater than £250,000, after discussion, we will try to give you a fixed price for the various steps in this process.
The Fixed Price “Money Matters” service is open to anyone with combined net liquid assets (with your spouse) of £250,000 or less, and for assets located in England and Wales only. This includes the combined value of any property you have, less any mortgages (s), savings, endowment policies and other liquid assets you have with your spouse.
You can also opt out of the Fixed Cost “Money Matters” service and be charged at our competitive hourly charging rate.