Financial settlements
Reducing the potential for future disputes
Providing certainty and clarity
The challenges of divorce include the intricacy of handling the terms of an agreement over dividing financial assets between you and your spouse. Ensuring that this agreement adequately meets your financial needs and fairly accommodates both parties is crucial. A widespread misunderstanding is the belief that once the divorce is finalised and the Final Order (what was previously termed the Decree Absolute) is received, all financial claims between the parties automatically come to an end. However, if the parties do not formally apply to close their financial claims against each other, these claims will remain open indefinitely. Even in the event of death, claims can still be made against an ex-spouse’s estate. It is crucial, therefore, to seek advice on how to address any financial claims by obtaining a clean break order or a financial order that outlines the division of assets between the parties.
What is a Financial Consent Order?
A financial consent order is a legally binding document that outlines the financial arrangements between a divorcing couple. It brings legal finality to the financial aspects of divorce, protects both parties’ interests, and provides a clear and binding framework for their financial obligations and rights after divorce.
The main purpose of a financial consent order is to formalise the division of assets, income, and other financial matters.
The key elements covered in a financial consent order may include: what happens to the family home, division of other capital assets, maintenance payments, school fees, pension sharing or offsetting, and a clean break clause.
How do I obtain a Financial Consent Order?
To obtain a financial consent order, both parties must agree to the terms and submit the agreement to the court for approval. The court will review the order to ensure it is fair and reasonable and, if satisfied, it will make the order legally binding. This prevents either party from making further financial claims against each other in the future and provides clarity and security in the division of assets and finances after divorce.
How Jones Myers can help
Some of the many routes to obtaining a financial order avoid going through a lengthy and stressful court process. Our experts will guide you on the options that are best suited to your situation. If a financial agreement is reached, the court’s involvement is minimal – it reviews the financial consent order and a brief form outlining your financial situation. If satisfied as to the terms the order will be approved and is then legally binding once the divorce has been finalised.
If obtaining an agreement proves challenging, we can help you to resolve matters in other ways such as mediation or round table negotiations involving solicitors. We will tailor the process to suit the individual dynamics of your situation.
Our financial remedies team can help with all matters related to consent orders, including: negotiating with your former spouse over the terms, making sure the terms of your financial settlement are fair before you apply for a consent order, drafting a consent order application, responding to any changes requested by the court, agreeing any variation of the consent order with your former spouse and taking action if he/she breaches the consent order or accuses you of doing so.