A large part of our family law work involves the division of finances in the event of divorce.
Applying to the court for a divorce does not automatically end the financial claims that you and your spouse have against each other. Under family law, it is a requirement that the final agreement that you and your spouse reach is confirmed in a final order approved by the Court detailing how your finances will be divided.
The aim is to try and resolve matters amicably wherever possible. Family law gives the Court power to order lump sums, the payment of regular maintenance, a transfer or sale of property, and to divide pensions. Most final financial orders are made by agreement.
We will discuss with you whether your case is suitable for mediation, collaborative law, arbitration or traditional lawyer-to-lawyer negotiations. However matters are resolved, both you and your spouse have a duty to provide full financial disclosure in relation to all the assets you have. If you do not provide the expected financial disclosure, the Court can intervene and in extreme cases will freeze assets.
One of our family law team will advise you about how the Court might exercise its discretion in your case and based on the specifics of your family situation. The aim is to achieve a fair division of the assets overall. This will not always mean that assets are divided equally as factors will be taken into consideration, such as the fact that one parent will continue to be the primary carer of young children or that the other parent has a much larger pension to provide for their retirement.