financial provision

See: capital

financial provision

a phrase often used to denote rules relating to division of assets and payments on breakdown of marriage. It includes, in English family law, the process of distributing a couple's capital and income in a just and equitable way when their marriage ends in divorce. The court has extensive powers to make financial provision for the applicant. Under the Matrimonial Causes Act 1973 and the Matrimonial and Family Proceedings Act 1984, it can make financial provision orders, including maintenance pending suit; periodic payment orders and lump sum orders; and property adjustment orders - orders selling property.

Similar rules apply in Scotland where five principles are to be:

  1. (1) the net value of matrimonial property should be shared fairly;
  2. (2) fair account should be taken of any economic advantage derived by either party from the contributions of the other and of any economic disadvantage suffered by either in the interest of the other party or the family;
  3. (3) any economic burden of caring after divorce for a child of the marriage under 16 should be shared fairly;
  4. (4) a party who has been financially dependent to a substantial degree for financial support from the other party should be awarded such financial provision as is reasonable to adjust this over three years; and
  5. (5) a party liable to suffer severe financial hardship as a result of the divorce be awarded reasonable financial provision over a reasonable period to mitigate that hardship.
References in periodicals archive ?
Further, Minister Batshu stated that inadequate financial provision for the programme remained a challenge and they would continue to canvas for more funding.
WASPI campaigners say the changes leave the women affected - who expected to retire at 60 - with no time to put in place alternative financial provision to see them through to the new limit.
Fifth: Payment of (500) five hundred riyals as a cost of living allowance for the monthly financial provision allocated for social security beneficiaries for one year, provided that this allowance not to be combined with the allowance mentioned in item "Fourth".
There are limited claims to be made in relation to property and for financial provision for the children.
He explained that each artifact requires the allocation of specific financial provision depending on its condition, noting that, on average, the cost ranges between EGP 10m and EGP 20m, which requires much money; hence, the government's allocations are channeled to saving buildings with a deteriorating situation.
The Minister pointed out as a key priority the elaboration, finalization, adoption and financial provision of a National Strategy for the Development of the Arts, Culture, Creative Industries, Cultural Heritage and Cultural Tourism.
This type of support is so appreciated, not only in providing essential financial provision but also sending a unique and treasured message to our beneficiaries - that people really genuinely care - and you cannot put a price on that
agreed a financial provision of PS220k to meet the estimated 2016/17 legal costs of the ongoing internal investigation.
agreed a financial provision of PS220k to meet the estimated 2016-17 legal costs of the ongoing internal investigation.
As Zain maintained adequate financial provision to cover this amount, I can confirm that the judgement amount of SAR 219 million will have no additional impact on the company's net earnings.
The Inheritance (Provision for Family and Dependants) Act 1975 ("The Act") confers the right of a child of a deceased parent to apply under The Act if the Will of the deceased (or an intestacy) does not make reasonable financial provision for him/her.
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