An ‘A’ To ‘Z’ Of Divorce & Finances

Part of the challenge faced by family law and divorce solicitors is explaining the jargon used within the legal profession and Court proceedings. Below is an A to Z guide of common terms, used every day by solicitors in divorce and finance proceedings but perhaps not commonly understood by others.

Terms used in divorce and finance proceedings

Advice

Seeking advice at an early stage is incredibly important so that you know what your options are.

Behaviour

Bad behaviour is only relevant to a financial settlement following divorce if it is extreme. Whilst many spouses will have a complaint about how the other has behaved, very rarely will that behaviour impact upon a financial settlement.

Consent Order

This is the legal document that records what a couple have agreed will happen to their assets following divorce. A Consent Order provides finality and certainty for the future.

Disclosure

In financial remedy Court proceedings both parties are required to provide full and frank financial disclosure. Parties who are not subject to Court proceedings can also agree to exchange financial disclosure on a voluntary basis.

Emergency

It is possible to lodge an emergency Court application if, for example, a party has grave concerns surrounding the other party seeking to dispose of an asset.

Form-E

This is the form that is completed within financial remedy Court proceedings (and voluntarily) to provide full and frank financial disclosure.

Grandparents

Often grandparents get caught up in divorce or separation, resulting in not being able to spend time with their grandchildren. Grandparents do not have automatic rights but steps can be taken, for example a Court application.

Home

The family home can be occupied by both parties during the divorce process and whilst the parties negotiate a settlement. Sometimes the family home will be sold. Or it can be retained by one of the parties and the other will receive a lump sum to represent their financial interest in the home.

Inheritance

The extent to which inheritance is taken into consideration when determining a financial settlement will depend on a number of factors, such as when the inheritance was received, how is was used during the marriage and the needs of the parties upon separation.

Joint tenancy

When a property is held as joint tenants this means that it belongs to both parties in equal, undivided shares. If a party dies their interest in the property will pass to the other owner.

Kids

Divorce can be very difficult for kids. It is important for a separating couple to provide stability, structure, care and love during this incredibly difficult time.

Lump sum order

This is one of the orders that can be made under the Matrimonial Causes Act 1973. The lump sum can be paid in one go or in installments.

MIAM (Mediation Information Assessment Meeting)

Before an application can be made to Court in relation to family law matters (save for in limited circumstances), everybody will be required to attend a MIAM to consider whether mediation could be used to resolve any difficulties, rather than making an application to the Court.

Needs

When considering a fair financial settlement following divorce, the Court is required to consider the reasonable needs of both parties and those of any children. This will include housing and income needs.

Occupational order

This is one of the injunctive orders that the Court can order in certain circumstances which can require one party to vacate the family home.

Pre-nuptial agreement

This is an agreement entered into in contemplation of marriage where parties seek to regulate what will happen to their assets if they divorce in the future.

Questionnaire

In financial remedy proceedings, following exchange of financial disclosure both parties are able to raise a questionnaire for the other party to answer to address queries arising from the initial disclosure.

Resolution

Resolution is an organisation for family lawyers committed to constructive resolution of family disputes.

Statement of Information

Once parties agree the terms of a financial settlement and an order is drafted, it is submitted to the Court for a Judge’s approval together with a further document called the Statement of Information.

This additional document details the parties capital assets, pensions, income and liabilities and assists the Judge to determine if the proposed order is fair.

Trusts of Land and Appointment of Trustees Act 1996 (TOLATA 1996)

This Act gives the Court certain powers to resolve disputes about the ownership of land such as who is to occupy a property and the nature and extent of the ownership.

This Act may be a remedy for cohabiting couples who do not have the same financial remedies available to them as a married couple.

Undertaking

This is a solemn promise to do or not to do something. It is a promise to the Court and if broken there are ways that it can be enforced. Undertakings are commonly given within financial cases, for example, an undertaking to release a spouse from a mortgage in joint names.

Variation

In some cases it is possible to vary a financial order. For example, if one party is paying to the other spousal maintenance and their wages decrease significantly and they can no longer afford to pay the maintenance, then it is possible to make an application to the Court to vary the payments.

Will

It is important to review your Will upon separation and particularly following divorce proceedings being finalised.

Xydhias

A leading case from 1998 which determined that a Xydhias agreement is a financial agreement reached between the parties which is not yet an agreement endorsed by the Court but which you are bound to.

Year

You must be married for one year before you can commence divorce proceedings.

Zzzzzzz

During such a stressful time, after receiving advice from one of our specialists you will be able to enjoy a good night’s sleep knowing you are in good legal hands.