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A financial consent order is a document setting out the financial agreement between those separating
A financial consent order is a document that sets out the financial agreement a divorcing couple or couple dissolving a civil partnership has reached. It is only valid if it has been drawn up correctly and has been approved and stamped by the family court. The contents of the document will vary to reflect the individual couple’s financial circumstances and the nature of their agreement. For example, it could provide for the family home to be sold and define what share of the proceeds each party will receive. It might simply say that neither party has any further financial claim against the other’s income and assets. Alternatively, the financial consent order could be a lengthy document dealing with the payment of maintenance, multiple family trusts or the transfer of shares in a family business.
Anyone who gets divorced or dissolves their civil partnership becomes entitled, in principle, to make financial claims against their spouse or civil partner. What would ultimately happen if a claim were made would depend on a whole host of considerations. However, those claims remain ‘live’ forever. A simple consent order drafted by a solicitor and approved by the court can change this and ensure that any financial ‘loose ends’ will not cause trouble in future.
Life is unpredictable and the unexpected can happen. Couples who divorce but do not enter into a financial consent order could find themselves in difficulty years or even decades later because of the uncertainty caused by not dealing properly with the financial aspects of their split.
Finances are an area of divorce, separation or dissolution where we strongly advise you to consult the services of an experienced family lawyer. Please contact our team today on 03333 058375, or email email@example.com We are here to help you.
We work closely with our colleagues in Wealth Protection to ensure you receive the best possible advice and guidance across issues including estate planning, trusts, wills, international issues and more. Please get in touch with one of our expert family law team members today on 03333 058375, or email firstname.lastname@example.org
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