Our Nottingham Family Team answer some of the most frequently asked questions when dealing with new enquiries.
Divorce and Finances
Question 1: How long will it take to Divorce my spouse?
The process could take roughly between 36-40 weeks. This is because there are set statutory timescales. However, these timescales will vary to each case depending on the facts and if all parties cooperate with the proceedings. If there are financial matters to resolve this could mean the process takes longer.
Question 2: Does a Final Order (formerly known as Decree Absolute) mean our finances are also finalised?
No, a Final Order will legally end your marriage, but it does not sever financial ties and does not end your financial obligations to a spouse. To protect yourself financially and to dismiss financial claims you need to undertake further steps and it is important that you address financial matters. You can finalise financial matters by way of a Financial Relief Consent Order. It is advisable to contact a Solicitor for advice in your specific matter to ensure assets are not missed and you are aware of the full details of your spouse’s finances.
Question 3: What would I be entitled to in a financial settlement?
A financial settlement will include various elements such as property, savings and investments, debts, pensions, personal items, and household contents. Information should be shared between parties to work out what the “matrimonial pot” is.
The starting point for sharing the matrimonial pot is an equal division between the parties. There are several factors to consider when determining a financial settlement and these are set out in Section 25 of the Matrimonial Causes Act 1973. It is important parties undertake full and frank disclosure to ensure a fair and reasonable outcome is achieved. Matters can become quite complex, and it is advisable to seek advice from a Solicitor for guidance and assistance.
Question 4: Can I keep the house?
There is no set answer to this question as this can vary depending on the individual facts of a case.
There are several Orders that could be made in respect of property. The house can be transferred to the sole name of one party, or from one spouse to the other. There can be an order for sale with the net proceeds of sale being split between the parties or there can be a deferred order for sale, with this being delayed until a specific event. When considering what option is best, all information will be considered from the amount of mortgage outstanding, the parties mortgage raising capacity and most importantly the welfare of any children. It should be remembered that the starting point is an equal split.
We would suggest you contact a Solicitor to discuss your options based on your individual situation.
We hope this has answered some of your questions. If you want to discuss these in more details or cannot see your question has been answered, please contact our offices on 0115 955 9000 and one of our experienced Solicitors will be happy to help and provide you with specific advice on your matter.
Our specialist team is available to assist you across all five of our branches in Nottingham, Long-Eaton, Bingham, Stapleford, and Loughborough. We can offer assistance with through Legal Aid also should the criteria be met.
