Agreeing how you split your assets

When considering how to split assets like the family home and pensions, its advisable that you both have the support of your own lawyer in the process. This doesn’t mean you have to go to court, your lawyer will work with you to try and obtain a full picture of yours and your spouse’s finances in the hope of reaching an agreement by negotiation. If an agreement is reached, a financial remedy consent order can then be drawn up and submitted to the court for approval.

If a negotiated agreement isn’t possible the lawyer can guide you through alternative methods of resolution:

• Mediation – you can attend mediation with a mediator who will work with you both to try and reach agreement. We can work with you as you go through this process and provide advice and support. Part of the mediation process will involve you providing financial disclosure to each other. The mediator will be helping you both and will not advise you separately. It is wise to have legal advice in parallel to mediation to obtain advice on the discussions that are taking place in mediation.
• Court Proceedings – if an agreement cannot be reached or there are issues with one party not giving disclosure or indeed both parties’ positions are too far apart, then an application can be made to the court for the Judge to decide. There are usually three hearings and at the Final Hearing the Judge will make a final order which will be binding on both parties. Many couples reach an agreement before the final hearing, ending the process.
• Arbitration – Whilst similar to court in that an independent person will be asked to make a decision for you, it offers a more flexible and less formal setting than a courtroom.

Once an agreement is reached (either through negotiation, mediation or court proceedings), a financial remedy consent order can then be drawn up and submitted to the court for approval. At Stowe, (where suitable) we can offer a Fixed Fee service for agreeing financial arrangements out of court.