financial provision

financial provision
index capital

Burton's Legal Thesaurus. . 2006


financial provision
in Scots family law, the term used for what the court does with money on divorce or decree of nullity. It may involve a periodical allowance but more regularly will involve the payment of a capital sum or the transfer of property or both. The Family Law (Scotland) Act 1985 set out five principles to be followed:
(1) the net value of matrimonial property should be shared fairly;
(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) any economic burden of caring after divorce for a child of the marriage under 16 should be shared fairly;
(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) 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.
These principles depend upon: the deeming of fair sharing, whether shared equally or in accordance with special circumstances, such as the terms of an agreement on ownership or sale; the source of funds if not from the parties' efforts during the marriage; the destruction of the property by the parties; the nature of the property and the ease with which it can be realised; and the cost involved in valuing and disposing of property in connection with the divorce.
Incidental orders can be made to support the foregoing. Orders can be granted but their effect delayed.

Collins dictionary of law. . 2001.

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