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 ?
Pami Dhadli KCH Garden Square 'Her expertise spans all aspects of financial provision and Children Act matters.
Despite the challenging economic environment,ICDhas made solid progress toward implementing its strategic agenda and provided considerable and consistent support for the private sector in its member countries through key investments, financial provision and advisory services.
The Hooda government neither issued notifications, nor made any financial provision to make the announcements a reality.
The council says: "This small financial provision would be LINKED to financial education sessions focusing on promoting an awareness of money management.
Therefore, the earlier you start planning for every aspect of education, the better, "said Ester Kali, Executive of Retail & Business Banking at FNB Namibia this week, alerting parents to the need of making financial provision for a good education.
Specific topics include: conventional tort based approaches to environmental harm, the European and international dimension, strict liability, class or group actions, remedies for environmental damage, and financial provision for extended civil liability.
In our family law team, we have Resolution Accredited specialists in complex financial provision, pensions, cohabitation, children and domestic abuse, along with seven members of the Law Society's Children Panel.
control and complete transparency of the financial provision of Rosneft's strategic areas of growth," Rosneft said.
Prudential has revealed new research which shows that despite the ongoing debate about the need to fund long-term care for the elderly, only one in five people planning to retire this year have made financial provision for ill-health in retirement.
Robert Adams, defending, said: "Just before he went on holiday, he realised he had failed to make proper financial provision for that break.
6 million people who are failing to make any financial provision for their retirements.
Andrea, a partner in the firm and a member of the Law Society Family Panel, has added domestic violence to her existing areas of expertise in financial provision and children.