If you can your partner do not agree on how to split your assets and finances then you should apply for Finance Ancillary Relief.
A financial order will describe how you’re going to divide up assets like:
- pensions
- property
- savings
- investments
When to apply for a financial order
You’ll usually need to wait until you have your conditional order or decree nisi before asking the court to make a financial order.
It is usually more straightforward to divide money and property before you apply for the final legal document to end the relationship.
You and your partner needs to exchange Form E which is known as Financial Statement for a Financial Order to show a breakdown of your property and debts. This includes giving an estimate of your future living costs.
You’ll also need to collect documents about your finances, for example:
- rental or mortgage agreements
- pension documents
- loan agreements
- proof of your salary income, for example P60 or recent pay slips
- details of personal belongings worth more than £500, for example a car or house contents
How Finance Ancillary Relief will be decided
If you cannot agree, a judge will decide how assets will be split. They’ll base their decision on how long you’ve been married or in a civil partnership, as well as your:
- age
- ability to earn
- property and money
- living expenses
- standard of living
- financial needs and responsibilities
- role in looking after the family, for example if you were the main earner or caring for the family or home
- disability or health condition
The Court fee to initiate these proceedings is £275.00, you may contact the legal aid law firms as they may undertake your work on legal aid basis.
Final hearing is known as a fact finding hearing and it may last for two days.