Financial Matters in Divorce
Every couples financial situations are different, the court process can be complex, but one thing is clear the parties should attempt to reach some form of agreement concerning the division of their finances.
If it is possible for an agreement to be reached between you then the Court must approve the terms of the settlement in order for it to be come legally binding. This process can be reasonably easily be encompassed in what is known as a Consent Order which is sent to the court for approval along with a summary of each parties finances.
If no agreement has been reached then the factors considered by the court when asked to or make a decision on the division of a couples finances are clearly set out in Matrimonial Causes Act in particular Section 23. This process is known as ancillary relief or financial remedy proceedings and is dealt with elsewhere.