Financial Arrangements in Divorce

When a couple divorce, a judge in the Family Court can approve an agreement about how the financial assets of the marriage will be divided.

Surprisingly, 2 in 3 divorces do not have a financial order made, even though in the majority of cases there will be a financial aspect to the marriage – a house, a tenancy, a pension, or savings.

Without an order being made, the question of who is entitled to what following the divorce will remain open.

It is always recommended that, even if you feel you have no matrimonial assets, you should have a full and final settlement with a properly drafted financial consent order to confirm that neither of you can claim against the other in the future, called a ‘clean break’.

Even if you reach an agreement, it will not be binding or enforceable unless a judge has approved it.

Couples are encouraged to discuss matters with each other, either directly or through mediation or other non-court dispute resolution, and these should always be your first consideration. It is always better if you can come to an agreement with your ex, but in some cases that is not possible – either because one party will not engage or there are areas or issues which are in dispute.

In these cases, you can ask the court to make a decision for you. The court will still try to encourage you to come to an agreement when the areas of dispute can be clarified and will support you to return to mediation or another form of non-court dispute resolution (NCDR) at any stage of the case.

We can provide support and assistance throughout the mediation process, allowing you to make an informed decision, and we can draft a financial order that can be sent to the court for approval by a judge to make sure the agreement accurately reflects what you have agreed.

If you have to go to court, we have family lawyers with experience in all types of cases, including complex cases, those involving a family business, and where there are high net worth assets.

You may want to speak to one of our experienced family lawyers who can take you through the process and advise you on the best approach to take in your own personal circumstances. We offer a first appointment for a fixed fee where we can discuss your case and provide you with initial advice, both legal and practical, so you can take control of your situation.