Financial Disclosure

There is an ongoing duty on parties to provide full and frank financial disclosure. This means that if there are any changes to their finances while negotiations are being conducted, these must be disclosed. The court expects both parties to be open and honest in financial matters, otherwise the court may set aside a transaction or freeze assets.

Starting a Financial Remedy Case

There are usually three court hearings involved:

  • The first hearing is a Preliminary Hearing, where the judge will know more of the issues involved in the case and decide whether further evidence is required. A case may conclude, at a first hearing, if the court has sufficient evidence and the parties negotiate a settlement on the day. In the event that an agreement is not reached at the first hearing, the case will proceed to a Financial Dispute Resolution Appointment (FDRA).
  • FDRA – this hearing allows a judge to review the evidence in the case and assist the parties in reaching an agreement. It is likely that expert evidence, such as valuations of properties, pensions and businesses, will have to be filed. If an agreement is not reached at the FDR stage, the judge will adjourn the case for Further Directions or to a Final Hearing.
  • Final hearing – at the final hearing, the parties will give oral evidence and the case be supported by the evidence they had filed with the court. At the end of the evidence, the judge will make a judgement and decide what the final order consists of.

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