Navigating asset division during a divorce is crucial, as it can significantly impact your financial future. Couples have the option to reach a voluntary financial settlement (Consent Order) or, if necessary, obtain a financial order by a judge outlining how their assets will be divided.
Securing a fair division of assets is vital for both parties to ensure long-term financial stability and a decent standard of living post-divorce. That’s why seeking appropriate guidance and adopting the right approach tailored to your situation is essential.
While many couples prefer a voluntary settlement for its speed, cost-effectiveness, and reduced stress, it is imperative it is followed up by a Consent Order to make the agreement legally binding.
At Quickie Divorce, our legal team are committed to helping you navigate asset division during divorce, whether through negotiated settlements or financial orders. This guide will delve into financial orders and answer common questions, highlighting how Quickie Divorce's streamlined services can make the process easier for you.
What Is a Financial Order in Divorce in the UK?
A financial order is a legally binding court document that outlines how a divorcing couple's assets will be divided. It can cover various financial assets, including the family home, savings, investments, and pensions. These orders may also be referred to as "divorce financial orders" or "Clean Break Consent Orders."
The specifics of a financial order can vary based on the couple's circumstances and may include one-off asset distributions as well as ongoing financial support.
Key Elements of a Financial Order:
Spousal Maintenance: Ongoing payments made by one spouse to assist the other with living expenses.
Child Maintenance: Financial support for children's upbringing, usually handled separately through the Child Maintenance Service.
Property Transfer/Sale: Decisions regarding how property, such as the family home, will be divided or sold.
Pension Arrangements: The court might order one spouse to split their pension pot or compensate the other with a larger share of other assets and the parties can agree between them.
Importance of a Clean Break Financial Order
At Quickie Divorce, we emphasise the importance of obtaining a Clean Break Financial Order as part of your divorce process. Regardless of whether you have high-value assets, low-value assets, or none at all, this order is crucial for severing financial ties with your ex-partner.
Why You Need a Clean Break Financial Order:
Protects Against Future Claims: Without this order, your ex-partner can make claims on any money or assets you acquire during or after your marriage, including pensions, income, inheritances, and even lottery winnings.
Eliminates Liability for Ex-Spouse's Debts: You could be held responsible for unexpected bills or debts incurred by your ex-partner after the marriage, such as caring for their elderly parents.
Long-term Security: Claims can be filed long after the divorce is finalised, sometimes even decades later, leaving your financial future uncertain.
A Clean Break Financial Order is a legally binding document that clearly outlines how you intend to divide your assets and finances after separation, ensuring that both parties can move on without financial entanglements.
At Quickie Divorce, our expert divorce lawyers have extensive experience in securing airtight financial orders. With our services, you won’t need to consult a solicitor, make court appearances, or fill out complicated legal forms. Our Clean Break service provides peace of mind during what can be a difficult time.
Factors Considered by the Court
When making decisions about asset division, the court will consider several factors, including:
Income, earning capacity, and financial resources of both parties
Reasonable needs and obligations of each party
The needs of any children involved (always prioritised)
The standard of living enjoyed during the marriage
The age and health of both parties
The duration of the marriage
Non-financial contributions made by each spouse
Potential loss of benefits, such as pension shares
Ultimately, the court aims to ensure an equitable division that reflects each spouse's needs and those of any children.
Do You Need a Financial Order When Divorcing?
Most couples can reach an agreement on how to divide their assets without needing a court order, often through mediation. However, even when an agreement is reached, it is advisable to seek a Clean Break order.
Consent Order: This legally binding document formalises the agreed division of assets. Without it, either party can change their mind at any time.
Obtaining these orders are crucial, especially if children are involved or significant assets are at stake, such as pensions.
How to Obtain a Financial Order
At Quickie Divorce, we understand that pursuing a financial order through the court is often a daunting process. That is why we are on hand to help make the process as simple as possible. Simply give us a call on 0800 803 0813 or have a look at our Clean Break package.
Can You Obtain a Financial Order After Divorce?
You can secure a financial order after the conditional order stage of the divorce or after the divorce process; however, it’s highly recommended to establish this order before finalising the divorce. Doing so helps protect both parties from potential future claims and allows for a clean break.
Once a Clean Break Order is secured, no further financial claims can be made against each other, emphasising the need to resolve all financial matters beforehand.
Key Takeaways About Financial Orders
If you’re going through a divorce, keep these essential points about financial orders in mind:
They enforce a court-ordered division of financial assets in divorce.
Most couples can reach a voluntary agreement without needing a judge’s involvement.
Any agreement should be formalised with a Consent Order.
A Clean Break Order is essential for protecting against future financial claims.
Court consider various factors, including income, needs, and children’s welfare.
It's advisable to secure a financial order before finalising the divorce.
Seeking expert legal advice can improve your chances of achieving a fair outcome while minimising stress.
Get Expert Assistance with Your Financial Order
If you need help negotiating a financial settlement or applying for a financial order, the team at Quickie Divorce is here to support you. We recognise that financial matters in divorce can be sensitive and complicated, and we provide clear, expert advice tailored to your specific needs.
Don’t leave your future unsecured. Speak to one of our experts today at 0800 803 0813 or fill out our quick online form. Let us help you navigate the complexities of divorce and achieve a fair resolution.