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Jones Myers
In the divorce process, a Financial Consent Order is vital for the immediate and long-term future of divorcing couples and their children, whose best interests should always come first.
The significance of the agreement, which divides financial assets between separating couples, cannot be downplayed – especially in protecting them from future financial claims. Here are some key insights into their role and relevance.
What is a Financial Consent Order?
A legally binding document which details the main assets owned by divorcing couples and sets out the financial arrangements between them. Formalising the division of assets, income, and other financial matters in a fair and equitable manner, it covers key elements such as maintenance payments, school fees, pension sharing or offsetting, and a clean break clause.
Bringing legal finality to the financial aspects of divorce, it protects the interests of separating couples and provides a clear and binding framework for their financial obligations and rights after divorce.
How do I obtain a Financial Consent Order?
Both of you agree on the terms of the agreement and submit it to the Court. If the Court deems it to be fair and reasonable, it will make the order legally binding.
This prevents either of you from making further future financial claims against each other, providing clarity and security in the division of assets and finances after divorce.
How long does it take to sort out?
The circumstances of every divorce are different and there are a variety of options, many of which avoid a long and stressful court process. In straightforward cases, a Financial Consent Order can take only a few weeks to agree.
When does the Financial Consent Order Take Effect?
Once the court has approved the Consent Order and the Final Divorce Order, which legally ends the marriage, has been granted then the Consent Order is final and binding.
What happens if I withhold any assets during the process?
If it later comes to light that you have withheld material financial information, your spouse might be able to ask the court to set aside the order and look again at what would be a fair order taking into account all the assets, including those not previously disclosed. The court can also make an order that you pay your ex’s legal costs.
In the worst-case scenario, deliberately withholding financial information in breach of a court order can amount to contempt of court for which a range of penalties (including ultimately imprisonment) could be imposed.
How is a Financial Consent Order enforced?
Every Order is different and how it is enforced depends very much on the specific circumstances of the case. It is vital to obtain expert advice at the outset from highly experienced family lawyers like Jones Myers who can guide and support you through the process.
Ultimately a Financial Consent Order provides clarity and certainty to you and your former spouse, enabling you both to get on with your lives with security and peace of mind.
Read more articles by Nicki Mitchell.
ABOUT NICKI MITCHELL
With extensive experience in family law, Nicki specialises in the financial aspects of relationship breakdown – and particularly complex cases involving family businesses, multiple properties, and complicated pension arrangements.
A skilled mediator and collaborative family lawyer, Nicki has recently further enhanced her extensive expertise by becoming a child-inclusive mediator. The accreditation enables her to meet with children of separated parents and hear what they want for their future.
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