A Financial Consent Order is a legal document that formalises an agreement between divorcing or separating parties regarding their financial arrangements. This order is approved by the court and ensures that the financial settlement is legally binding and enforceable. Here’s a comprehensive guide on what a Financial Consent Order is and how you can obtain one.
A Financial Consent Order is a court order that confirms the financial agreement reached between you and your ex-partner. It can cover various financial aspects, including:
The primary purpose of a Financial Consent Order is to provide both parties with financial certainty and to prevent future financial claims against each other.
Even if you and your ex-partner have reached an amicable agreement on financial matters, it is crucial to have this agreement formalised through a Financial Consent Order. Without this order, there is a risk that your ex-partner could make financial claims against you in the future, even after your divorce has been finalised. A Financial Consent Order ensures that the financial ties between you and your ex-partner are severed, providing both parties with peace of mind.
Reach an Agreement
The first step in obtaining a Financial Consent Order is to reach an agreement with your ex-partner on how to divide your finances. This can be done through direct negotiation, mediation, or with the assistance of a solicitor. You will need an experienced family solicitor to help you with this as it is crucial that it is negotiated properly, and you are not ‘caught short’. Our family law team are experts in financial remedy matters including dealing with the sharing of pension assets, business interests and property portfolios.
You may need to engage in financial disclosure to understand the extent of the assets in the case. You can read about that more in our blog in financial disclosure here.
Draft the Consent Order
Once an agreement has been reached, your solicitor will draft the Consent Order. This document will outline the terms of your financial settlement in detail. You must engage a solicitor to prepare this for you to ensure that the order is correctly drafted and that it covers all necessary aspects. An improperly prepared order, or one that is not dealt with fairly and in consideration of all aspects, will likely lead to it being rejected by the court.
Complete a Statement of Information
Both parties will need to complete a joint Statement of Information form (Form D81). This form provides the court with details about your financial circumstances, including income, assets, and liabilities. The information provided in this form helps the court assess whether the agreement is fair and reasonable. Again, this must be done properly by a solicitor. A misrepresented or inaccurate form can undermine the enforceability of any court order.
Submit the Documents to the Court
The drafted Consent Order and the completed Statement of Information form must be submitted to the court for approval. Your solicitor will handle this process on your behalf. The Court fee for a consent application is £53 unless you are exempt from fees. Your solicitor will assess that for you.
Court Approval
A Judge will review the submitted documents to ensure that the agreement is fair to both parties. If the Judge is satisfied, they will approve the Consent Order, making it legally binding. If the Judge has concerns about the fairness of the agreement, they may request further information or suggest amendments. In some circumstances they can order the parties to attend a hearing.
Implement the Order
Once the Consent Order is approved, both parties must comply with its terms. Failure to do so can result in legal consequences, including enforcement action by the court. That may include the implementation of a Pension Sharing Order which is not straight-forward.
If you have any questions or need further assistance with obtaining a Financial Consent Order, please do not hesitate to contact our team for specialist advice and assistance. You can book an initial consultation here or contact the offices on 01590 232611.
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