During a divorce process it can be difficult for both former spouses to agree on a financial settlement. To fairly distribute assets between former spouses/civil partners filing for divorce, a court will use financial remedies.
You can ask for the Court to make a financial order to help agree a fair divide. This is known as a Financial Order and can be drafted by your solicitor.
Reasons for Financial Orders.
You can apply for a financial order for a number of reasons:
- To agree a lump sum payment.
- To decide who owns a property.
- To agree maintenance payments to help with children or living expenses.
- To obtain a share of your partner’s pension.
- An application for a financial order can only be made at the beginning of the divorce process. If you have already applied for the final legal document (known as a decree absolute), you cannot apply for a financial order.
Once a financial order has been agreed, the Court will approve it and issue a consent order.
Freezing orders are a type of financial order issued to prevent your partner from disposing or dealing with assets until the conclusion of the divorce. The Court must be satisfied that your partner is planning to sell an asset with the intention of preventing you from receiving the financial benefit from the asset. If a freezing order is agreed by the Court, it can last for as long as the court deems it necessary.
Pension sharing can also be included in a financial order. This allows one person to receive a percentage of the total value of the other person’s pension, this is called a “Pension Credit”. Pension sharing arrangements can include, state pensions, private pensions and any schemes offered by an employer.
We Can Help
At MW Solicitors our mission is "To make quality legal services accessible to everyone" including helping clients to negotiate financial settlements in divorce.
Our expert Family Lawyers have decades of experience in all aspects of Family Law. We can help those throughout the divorce process from initial consultation, through decree nisi, decree absolute, ensuring that clients get the ancillary relief and financial remedies they deserve.