In financial remedy proceedings, the court may make various orders to redistribute the parties’ property and assets between them.
The court is provided with wide discretionary powers to make the following property adjustment orders under section 24(1) of the Matrimonial Causes Act 1973 and Schedule 5, Part 2 of the Civil Partnership Act 2004:
An order for the transfer of ownership of property
An order for the settlement of property
An order varying a pre-nuptial or post-nuptial agreement
The court has the power to make these orders in relation to both UK and foreign properties. In HNW and UHNW divorces, it is common for parties to own various properties in different jurisdictions. As such, the court’s reach beyond the UK to achieve a fair division of property is very useful. However, the issue of enforcement is of course another matter.
If you are concerned about how your property may be divided in your divorce, contact Vardags today for a free initial consultation with one of our expert divorce solicitors.
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