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// Family Finance; Financial Remedies Applications

Financial remedies are legal tools designed to resolve money matters after a divorce or separation.

They help ensure a fair division of assets, income, and responsibilities between separating partners. Whether you’ve been married for decades or just a few years, financial remedies can play a crucial role in your future stability. They’re not about taking sides but about finding an equitable solution that reflects each party's needs and contributions.

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When Are Financial Remedies Applied?

Financial remedies typically arise during a divorce or the dissolution of a civil partnership. When a relationship ends, financial ties need to be untangled. This might involve deciding who gets the family home, how savings are split, or whether one partner should support the other financially. These decisions are not always straightforward, and that’s where specialist financial remedy advice become essential.

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When might you need a financial remedy?

Consider a couple where one partner has been the primary earner while the other stayed home to raise the children. After the relationship ends, the non-earning partner may apply for a financial remedy order to secure ongoing support or a fair share of the marital assets. Another example is a situation where one partner contributed significantly to the family home, but it’s in the other partner’s name. Financial remedies can address these imbalances, ensuring a just outcome for both parties.

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Financial remedies are more than just a legal necessity; they are a pathway to financial security after separation

Does The Higher Earner Always Lose Out?

Many believe that the higher-earning partner will always be on the losing side in financial remedies. This is not always the case as the court has the power to look to the future and take into account the potential earning capacity of a partner earning less.

The court’s primary aim is fairness, considering both partners' needs and resources. It's not about punishing success; it's about ensuring that both parties can move forward with financial security.

Is Everything Is Split 50/50?

While a 50/50 split might be the starting point, it is not always where the division of assets ends.

The court looks at the bigger picture, including the length of the marriage, each partner’s financial needs, and future earning potential.

For instance, if one partner requires more to care for the children, they might receive a larger share of what is available.

The focus is on fairness, not rigid equality.

Maybe I Can Avoid Financial Remedies by Informal Agreements?

Some couples think they can bypass the financial remedy process by simply agreeing on terms themselves.

While informal agreements might work temporarily, they’re not legally binding. Without a court order, one partner could later challenge the agreement, leading to disputes.

To secure a final and enforceable settlement, it’s essential to formalise any agreement through the courts.

This ensures both parties are protected and reduces the risk of future conflict.

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But Everything's in my Name - I Don't Need This

One of the biggest myths surrounding finances after divorce or separation is the belief that you can keep everything that’s in your name.

Many people assume that if an asset, like a house or a savings account, is solely in their name, it’s untouchable in a divorce.

However, this is not the case.

The court views marriage or civil partnership as a partnership, where both parties contribute in different ways. Even if one partner’s name is on the deeds or accounts, the other partner may still have a claim.

For example, if one spouse was the primary earner while the other managed the household, the court might decide that the family home, regardless of whose name it's in, should be shared to reflect both contributions.

This misconception often leads to surprise and disappointment when people realise that financial remedies can redistribute assets to ensure fairness. It’s crucial to understand that all assets, regardless of ownership, can be considered in a financial settlement.

Arlene Small

Specialist Family Barrister

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// Family Law

Financial Remedies and Family Finance in England and Wales

What exactly are financial remedies?

Financial remedies are legal tools that help settle financial issues after a divorce or separation. They can involve dividing assets, arranging maintenance payments, or determining ownership of the family home.

The goal is to ensure both parties leave the relationship with a fair share of the finances, reflecting contributions and future needs. It’s not about taking everything you’re owed but finding a balanced outcome.

Can we agree on a financial settlement without going to court?

Yes, you can. Many couples reach agreements without court involvement. However, it’s essential to formalise this agreement through a Consent Order. Without this, your agreement isn’t legally binding, and one party could later claim more. Even if you agree on terms, getting legal advice ensures your settlement is fair and protects both parties in the long term.

How does the court decide who gets what?

The court considers several factors, including the length of the marriage, the financial needs of both parties, and the welfare of any children involved. It’s not just about who earns more or owns more assets. For example, if one partner gave up a career to raise children, the court might award them a larger share of the assets to compensate for their lost earning potential.

What happens if my ex refuses to provide financial information?

Both parties must fully disclose their finances during the process. If your ex refuses, you can ask the court to intervene. The court can order them to provide the necessary information. Without full disclosure, the court cannot fairly assess what each party is entitled to, and this can lead to delays or an unfair settlement.

Do financial remedies include child maintenance?

No, child maintenance is usually handled separately from financial remedies. While the court can make some orders regarding child maintenance, it’s often managed through the Child Maintenance Service (CMS). However, the overall financial settlement might consider the costs of raising children, especially if one parent has the primary responsibility.