Relationship over? Now comes the financial split. But, what steps should a couple take note of? Don’t Lose Out: Financial Tips for Separation and Divorce are crucial during this time. We’ve got financial tips for separation and divorce to help you figure it out. The answer often lies through a Consent Order. If you’re wondering how this works, you’re in the right place. In this article, we will discuss what you need to know about splitting finances and financial tips for separation and divorce, with a focus on Consent Order applications. Let’s start off with the question—
What is Consent Order?
A consent order, a court-approved legal document, makes separating parties’ financial agreements legally binding. It details how assets, debts, pensions, and income will be divided, and prevents future claims from either party.
Why Choose a Consent Order?
A. Cost-Effective: Notably, consent orders are typically less expensive than contested proceedings.
B. Amicable Resolution: They allow both parties to negotiate and agree on terms without court intervention.
C. Certainty and Finality: After approval, the consent order settles everything financially, giving you certainty, finality, and peace of mind.
Steps to Splitting Finances with a Consent Order
- Negotiate an Agreement: Both parties should discuss and agree on how to divide finances, either directly or through mediation.
- Draft the Consent Order: Work with a solicitor to draft the agreement in legal terms. The order should cover key areas such as property division, savings, pensions, debts, and spousal or child maintenance (if applicable).
- Disclosure of Finances: Both parties must provide a full and honest disclosure of their financial circumstances. In essence, this ensures fairness and transparency in the agreement.
- Apply to the Court: Submit the consent order to the court alongside a completed Form A and Form D81 (Statement of Information for a Consent Order).
- Court Approval: The court will review the order to ensure it is fair and reasonable for both parties. If satisfied, the order will be approved, making it legally binding.
Key Considerations
A. Full and Final Settlement: Consent orders can include a “clean break” clause to ensure no future financial claims are made.
B. Legal Advice: Although consent orders avoid the need for court hearings, that said, legal advice is essential to ensure the agreement is fair and meets your needs.
C. Children’s Needs: The court will prioritise any arrangements for children when approving the consent order.
Final Thoughts
Splitting finances after separation doesn’t have to be contentious. Here at Baligod Law, we can help you understand how a consent order provides a straightforward way to formalise your financial agreement, saving time, money, and stress. By working collaboratively and seeking legal guidance, you can achieve a fair and binding resolution that allows both parties to move forward. For further advice on consent orders or help drafting your agreement, contact our team today.