Do You Need a Financial Order When Divorcing?
When going through a divorce, addressing financial matters is crucial to ensure a fair and equitable settlement. A financial order is a legal document that details how your financial assets and liabilities will be divided between you and your spouse.
It covers aspects such as property division, spousal maintenance, and pension sharing. Without a financial order, you may leave yourself open to future claims, even years after the divorce is finalized. At Symes Bains Broomer, we understand the importance of securing your financial future. In the sections below, we will explain why a financial order is essential, the different types available, and how our experienced team can assist you in obtaining one that meets your needs.
Understanding Financial Orders
What is a Financial Order?
A financial order is a legal document issued by the court that sets out how assets and finances will be divided between divorcing spouses. It covers aspects such as property, savings, pensions, and debts, as well as maintenance payments for a spouse or children.
Why is a Financial Order Important?
Without a financial order, your ex-spouse could make financial claims against you in the future, even years after the divorce. A financial order provides legal certainty and ensures that financial ties are properly severed.
Types of Financial Orders
- Consent Order: A legally binding agreement between you and your ex-spouse that sets out how you will divide your finances.
- Clean Break Order: This type of order ensures that there are no ongoing financial commitments between you and your ex-spouse after the divorce.
- Maintenance Order: This order involves regular payments from one spouse to another or to support children.
When to Apply for a Financial Order
It is advisable to apply for a financial order as soon as possible during the divorce process. Ideally, you should apply before the decree absolute is granted to ensure all financial matters are resolved in conjunction with the finalisation of your divorce.
How to Apply for a Financial Order
To apply for a financial order, you need to fill in a form called Form A and submit it to the court. You and your ex-spouse will then go through a process of financial disclosure and negotiation, either through mediation or with the help of solicitors. If an agreement is reached, it will be drafted into a consent order and submitted to the court for approval.
Legal Advice for Financial Orders
Seeking legal advice is essential when applying for a financial order. A solicitor can help you understand your rights and obligations, negotiate fair terms, and ensure that the agreement is legally binding and enforceable. At Symes Bains Broomer, our expert family law solicitors can guide you through the process and help you secure a financial settlement that protects your interests.
Securing a financial order is crucial to ensure your financial future post-divorce. Let us help you navigate this process with clarity and confidence.
Joanne Harriman Family Law Specialist
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