What is a financial order and do you really need one? We take a closer look at what a financial order means in divorce.
A financial order is a type of Court Order which details how you and your ex-spouse will deal with your finances upon divorce. Once you have obtained your financial order from a court, the arrangements detailed in it are legally binding.
There are various different types of financial order that you may come across. Which one/ones will be most suitable for you, will depend on the circumstances of your marriage.
One of the most common types of financial order is a Consent Order. This sets out the arrangements which you and your ex-spouse have agreed. It will deal with how you should split your assets and property, as well as any pensions and, if necessary, any debt.
If you and your spouse can reach an agreement about the division of your finances, you can ask a solicitor to obtain a Consent Order for you.
Other types of financial order include a Pension Sharing Order and a Maintenance Order.
Without a financial order, your ex-spouse may be able to make a financial claim against you in the future.
Even if you and your spouse have no assets to divide, it may be advisable to obtain a Clean Break Order, to ensure that the financial ties between you and your ex-spouse are cut and your ex-spouse cannot make a financial provision claim against you further down the line.
It is almost always best to apply for your financial order before you apply for your decree absolute (the legal end of a marriage). Otherwise, you could find that your entitlement to assets, such as a pension, could be affected.
If the financial order you are requesting is fairly simple, it can take as little as one month. However, if the judge thinks that the agreement you have made may not be fair, they may request more information to help them make their decision. In some instances, you may have to attend a court hearing. This can prolong the process.
Yes, a financial order can be changed in some – very limited – circumstances. If you want to have a financial order altered, it’s best to seek legal advice as to whether this is possible from an experienced divorce solicitor, such as Austin Kemp.
A financial order in divorce is a term used to describe a number of different court orders which detail how finances will be dealt with upon divorce.
We will explain some of the most common divorce financial orders and discuss why you may need a financial order in the divorce process.
Talking about a financial order in divorce can be confusing, as there is not just one financial order in divorce but a range of different types of court orders. Which court order/s will be most suitable for you, will depend on your and your spouse’s circumstances.
One of the most common types of financial order in divorce is the consent order.
It is called a consent order because this is the type of court order which is used when both parties have reached an agreement about how to divide their finances upon divorce. Once an agreement has been reached, a consent order can then be applied for to make the arrangement legally binding.
A consent order can include everything from how you will deal with the family home, to how any debt should be shared out between you and your spouse.
Other types of financial order in divorce include a property adjustment order – which will detail how you will deal with any property – and a lump sum order, which requires one party to give the other a lump sum of money.
If you do not have any assets to share, you may think that a financial order upon divorce would not be necessary. However, you may want to consider a clean break order.
While the decree absolute means that your marriage has legally been brought to an end, it does not mean that your financial obligations towards each other have ended, too. In fact, these financial obligations can continue indefinitely if there is no financial order upon divorce.
If you do not have a financial order when you divorce, your ex may be able to make a financial claim against you in the future – and vice versa. For example, if you win the lottery or inherit some money, you may find that without a financial order upon divorce, your spouse may be able to go to court and ask for more money from you.
You do not necessarily need to have any assets in order to get a financial order in divorce. In this instance, you may want to consider a clean break order to ensure that the financial ties between you and your ex are severed and that your ex cannot make a claim against you at some point in the future.
With the increase in popularity of online DIY divorces, it’s all too easy to neglect getting a financial agreement turned into a legally binding court order. Without a financial order upon divorce, you could be leaving yourself open to your spouse making a financial claim against you in the future.
It is always best to seek legal advice from an experienced divorce solicitor, such as Austin Kemp, to find out which divorce financial order may be right for your circumstances.
Our expert family law solicitors can help you with a range of legal issues relating to financial orders, including:
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