It is always advisable for the parties to come to agreement over the financial matters but if they cannot agree, then either party can make an application to the Court for the matters to be settled. These proceedings are called Ancillary Relief and strict procedures are laid down by the Court which have to be followed.
Both parties have a duty to assist the court and the court expects both parties and their legal representatives to co-operate in reaching a settlement.
The matters to be resolved usually include periodical payments for a spouse, dividing the equity in the former matrimonial home or other property and pensions.
Each ancillary relief case is different and therefore has to be tailored to each individual's needs and the needs of the children. If the children are young, it is quite likely that the wife and children will remain in the former matrimonial home and the property may be transferred to the wife's sole name. The need for the children to have a stable home is a very important factor in the Court's decision.
Detailed documentation will need to be provided such as property valuations, mortgage statements, bank statements, surrender values of insurance policies, valuation of pension rights, payslips and dividend counterfoils for stocks and shares etc. If one party is in business then the last 2 years business accounts will be required.
Both parties will be required to attend Court at the hearings together with their legal advisers.
When the financial matters have been agreed by the parties or ordered by the Court, all the details are recorded in a Consent Order which is sealed by the Court and is legally binding upon both parties.
It is always better to try and come to agreement rather than allow the Court to make a decision and sooner rather than later to avoid lengthy legal costs that can be incurred.