When you get divorced or dissolve a civil partnership, one of the most important issues to address is the distribution of assets between you and your ex-partner. This includes deciding how you are going to divide your finances, such as:
- Pensions.
- Property
- Savings
- Investments.
Financial orders also cover maintenance payments for any children and can cover ongoing living expenses for yourself.
If you are looking for advice and guidance on your financial order and want to discuss your next steps, please call Berlad Graham LLP today on 0330 175 5655.
Family Law Specialists
In many cases, couples can come to an agreement on how their assets are divided, sometimes with the help of a mediator, which avoids potentially lengthy Court proceedings.
However, even in simple cases, you need to apply to the Court for a consent order to make the agreement legally binding.
You might not think that you need a financial Court order if, for example, you reached a financial settlement in family mediation, signed a prenuptial agreement, or do not have any assets. However, securing a financial consent order from the Court is necessary to ensure that your ex-partner does not try to renegotiate the settlement at a later date.
At Berlad Graham LLP, our family law team can advise on all aspects of financial settlements to secure the best possible outcome for you and your family. If you are in the process of a divorce or a civil partnership dissolution and want to know where you stand financially, call one of our experts today on 0330 175 5655 or email info@bglaw.co.uk.
Financial Order Court
When couples cannot agree on how to distribute the financial assets of a marriage or civil partnership, they must apply to the Court for a financial order (also known as the ‘contested’ route or an ‘ancillary relief order’). In these cases, the Court will decide how assets are split.
A Court has the power to make a wide variety of financial Court orders, including orders for:
- Temporary financial support.
- The sale of the family home.
- The transfer of the family home.
- Payment of a lump sum.
- Transfer of shares in a family business.
- Payment of spousal maintenance.
- Sharing pensions by a pension sharing order.
- An order freezing assets if there is a risk of them being lost.
The Court will make its decision based on criteria, called the S25 Criteria such as:
- Age of the parties.
- Each Parties earning capacity.
- property and other resources available to each party.
- living expenses/income needs.
- standard of living during the relationship.
- financial needs and responsibilities particularly if children are involved.
- role in looking after the family, for example, if you were the primary earner or caring for the family or home or any other significant contribution you may have made.
The judge will usually try to arrange a ‘clean break’, so everything is shared out, and you no longer have any financial ties to one another.
Financial Disclosure And Financial Court Orders
The first step in the Court process for both a financial consent order and a financial order is for both parties to provide financial disclosure. The information required is less if you and your ex-partner have already agreed on how your financial assets will be split. However, it is still necessary for the Court to rule whether the order being requested is fair and reasonable.
To secure a financial consent order, you will need to fill in a financial statement of information summarising your financial and personal circumstances.
Financial Orders Solicitors Uxbridge, Hereford, and Shropshire
It is advisable to get specialist family law legal advice when considering any financial Court order to ensure the agreement is in your best interests. Our friendly team has dealt with various financial orders and has a proven track record of achieving positive outcomes for clients.
If you need any advice on a financial settlement following a divorce or dissolution of a civil partnership, please contact one of our team, who will be happy to help.
Contact Berlad Graham for legal advice
To speak to our friendly, experienced, professional financial orders lawyers today, please call 0330 175 5655 or email info@bglaw.co.uk.