Unsure whether you need a financial order in divorce?
A type of legally binding document in the UK, this agreement can offer divorcing couples greater clarity and protection when it comes to the division of their assets and finances – both now and in the future.
To help explain the importance of this document, the team of divorce and family law professionals at Freeman Jones has put together this handy guide that expertly answers the question – ‘what is a financial order in divorce in the UK?’
What is a financial order and do I need one?
A financial order in divorce is a court-approved document that outlines the division of a married couple’s finances and assets (including property, pensions, savings, and ongoing financial commitments, such as spousal maintenance payments) post-divorce.
It can be in the form of a consent order (where both parties come to an agreement between themselves via negotiations) or a financial order (where a court determines the division of finances in the event the parties cannot agree).
At Freeman Jones, we strongly recommend every married couple or sole applicant considering divorce should apply for a financial order.
As part of our financial settlement services, we help you to understand what you might be entitled to and expertly negotiate the settlement on your behalf.
Can you get a financial order without getting divorced?
Yes, you can!
Given a financial order isn’t essential to getting divorced, you can end your marriage without one in the UK.
However, obtaining a financial order is highly recommended because it can help you to fully resolve your financial arrangements, offering both parties greater clarity and protection.
Importance of a financial order
With a comprehensive divorce financial order in place, you can rest assured all financial matters between you and your ex-spouse have been appropriately resolved in a legally binding document.
Essentially, this order helps to prevent future disputes over your assets and income from your divorced spouse and vice versa.
Whether you go on to win the lottery, receive a significant inheritance, or benefit from a successful business venture, a financial order prevents your ex-spouse from making a claim against your new income and assets.
Do both parties have to agree to a financial order?
When it comes to dividing finances and assets at the end of a marriage, it’s often preferable for divorcing coupes to come to a financial agreement between themselves, known as a consent order.
After signing the consent order, the document will be presented at court for legal approval and where it’ll also be checked for fairness.
If court approval is granted, the agreement then becomes legally binding.
However, if both parties cannot agree on how their assets and finances should be divided, then a court-ordered financial order will need to be obtained. In this case, the court will determine the terms through a hearing and the presented evidence.
As court-ordered financial orders are not always agreeable to either party and involve additional court costs and legal fees, it’s often in the interests of both parties to use other avenues, such as mediation and negotiation, to support a quicker, easier, and less stressful financial settlement.
What happens if I didn’t get a financial order when I divorced?
Unfortunately, divorcing without a formal financial order leaves you vulnerable to potential future financial claims from your ex-spouse.
Regardless of whether you’ve been divorced for two years or 10, without a financial order, they could make a future claim for a share of your assets or even inheritance.
Protect yourself against future claims
One of the biggest benefits of obtaining a financial order in divorce is peace of mind.
Reassurance that your ex-spouse will be legally prevented from making future claims against your finances and assets.
Even if you’ve opted for an amicable, no-fault divorce, a financial order adds an extra layer of clarity and legal protection.
At Freeman Jones, we can provide specialist support with all matters related to divorce, including financial settlements and orders.
With fixed and transparent legal fees (that’s right, no hidden charges!) and a team of specialist family lawyers ready to take your call, why not start with a free, no-obligation, 20-minute initial consultation today?
To speak to us about drafting a fair financial divorce settlement and achieving a financial order either consensually or via the court, simply give us a call on 01244 506 444.
Alternatively, you can also reach out to our expert solicitors via email at info@fjsolicitors.co.uk or register your interest in our legal services using our convenient online contact form.
