Our specialist Financial Order Solicitors are professionals with many years of experience in dealing with financial matters during divorce proceedings. Rowlinsons is with you every step of the way, from guiding you through the preparation of the financial agreement to acquiring a financial order.
As accredited specialists of the Resolution and Law Society Family Law accreditation schemes, we’re committed to negotiating the fairest solution in the smoothest most amicable way.
Our expert team is here to help you and your ex-partner reach a reasonable agreement through mediation, collaborative law, or solicitor negotiations so you can move forward and start your new life after divorce on the right footing.
Call our team today to see if we’re right for you or complete the enquiry form and we will get back to you. You can also arrange a visit to our offices in Frodsham or Runcorn, or we have meeting facilities in North Wales.
What is a Financial Order?
The term financial order is a general term for the proceedings following a financial settlement that make the financial agreement and all terms and conditions held within it legally binding.
There are a variety of financial orders, depending on the terms of the agreement, including clean break orders and financial consent orders.
Once a financial order has been approved, the parties involved are subject to its terms which can be enforced by the court. Without it, the settlement cannot be legally binding leaving you open to the risk of a further financial claim from your partner in the future.
What is a Clean Break Order?
A clean break order terminates all financial ties with your ex-partner. This effectively bars each party from bringing any further claim against the other in years to come. When reaching an agreement over a financial order, clean break orders can be preferred depending on the relationship between the parties, their childcare arrangements, or if there are any substantial debts.
In cases where ongoing payments are still made between the parties, if it’s in the couple’s best interests to make a clean financial break, then a lump sum will be made instead of ongoing payments.
What is a Financial Consent Order?
A Financial Consent Order sets out the financial agreement reached by both parties either through mediation or lawyer negotiation in a divorce or dissolution of a civil partnership. When the couple independently reaches a mutual agreement, they may apply for a consent order to make this legally binding. The advantage here is there’s no need for a court hearing.
Once the couple has agreed on the terms of the financial consent order, they can sign it and submit the document to the court. Although the court is not obliged to approve the consent order because the couple themselves agreed to its terms the court will be heavily influenced by its content – providing each party receives independent professional legal advice. Once the judge has approved the consent order, it will be legally binding, and its terms can be enforced.
The Financial Order Solicitors at Rowlinsons can guide you through financial negotiations and help with drafting a robust Financial Consent Order to ensure the best financial outcome for you.
How are assets separated?
Once married, the court states that on divorce the financial assets (and liabilities) of both parties can be considered and divided accordingly. These financial arrangements are managed separately from the divorce proceedings.
Financial assets won’t necessarily be split 50/50 as there are several factors for the court to take into consideration first.
What informs the agreement?
Section 25 of the Matrimonial Causes Act outlines exactly what information the court will examine which includes the circumstances of the parties involved, any dependents and their obligations and responsibilities. The court will look at financial assets, property, savings, and investments. It also considers earning capacity and the standard of living enjoyed within the marriage.
Couples must make full disclosure of the information outlined in section 25. Any failure to do so, intentionally or not, could delay the process or even result in a future financial claim. Anyone found deliberately trying to hide assets can be fined by the court or having other more serious sanctions imposed.
At Rowlinsons we can help if you think there’s a risk that your ex-partner may try to avoid disclosure or hide their assets. Our expert Family Lawyers will also advise you so you can determine precisely what you need to disclose and what you may be entitled to. We’ll advise you fully so a fair and reasonable financial settlement can be made.
Finalising the agreement
Once the financial agreement has been reached there is a separate process to ensure the settlement is legally binding.
Where possible, it is often best to reach a mutual agreement amicably out of court, backed up by a court order. If this is not possible the court can step in to decide the fairest way to split the assets in the marriage. The court has full authority to decide the terms of the agreement and to determine what financial order shall be made.