Schedule 1 of the Children Act 1989 provides a remedy of financial remedy provision for children, frequently underused by couples, as they consider how to settle the family finances after the breakdown of a relationship.
Under Schedule 1, the court has powers to make a variety of financial remedy orders for the benefit of children of the family, including periodical payments, property transfer and lump sum orders. The Act allows any parent or guardian to make an application for the benefit of a child, in addition to restricted circumstances relating to “children” over the age of 18.
The court consider a range of criteria when assessing a Schedule 1 application, including the financial needs of the child, the financial resources of the parties (e.g. income and assets), any disability affecting the child and the manner in which the child was being or might have expected to be educated or trained.
In addition to the statutory criteria that the court considers, the court will also give consideration to the general welfare of the child in question, the standard of living they have been exposed to at the point of the application and the general conduct of the parties involved in the application.
Provisions of the Child Maintenance Service and the court’s powers for financial provision under the Matrimonial Causes Act 1973 result in applications only being made in rare cases involving wealthy individuals earning over £156,000 per annum or those cases involving the parents of unmarried children. It is vitally important to consider all of your options when considering the finances at the end of a relationship, including the far reaching scope of Schedule 1 and the financial remedy advantages the provisions bring.
If you would like to get further advice on the financial aspects of your relationship breakdown, contact us today on 01234 889777 or 0207 177 9777 for a free consultation with one of our expert solicitors. Serving Bedford and London, our lawyers can help you with your family law and divorce matters.