posted 20th October 2023
1. What is a financial consent order?
A financial consent order is a legally binding document that formalizes the financial arrangements between parties, within the context of divorce or dissolution proceedings. It delineates how assets, property and financial responsibilities will be divided and provides a legal framework for implementing these arrangements.
2. Why is a financial consent order important?
A financial consent order is of paramount importance in legal matters related to separation or divorce because it brings clarity, finality and legal enforcement to financial arrangements. It safeguards the interests of both parties by ensuring that the terms agreed upon are not only mutually accepted but also legally binding, reducing the potential for disputes in the future.
3. Who can obtain a financial consent order?
Financial consent orders are available to individuals undergoing divorce or dissolution of civil partnerships, when they have reached a mutually agreeable resolution regarding the division of assets, property and financial obligations.
4. Do I need a professional to get a financial consent order?
The application for the consent order is comprised of several documents, one of which is the order itself. Spouses will not be able to draft that order themselves.
5. What should be included in a financial consent order?
A comprehensive financial consent order should encompass details on the equitable division of assets, property ownership, spousal maintenance, child support arrangements and any other financial issues that require resolution. Clarity and specificity in outlining these details are essential to minimize future misunderstandings.
6. How is the financial consent order enforced?
Upon approval by the court, a financial consent order becomes a legally binding document. In the event of non-compliance by either party with the stipulated terms, the aggrieved party can seek legal recourse to enforce the order through the courts.
7. Can a financial consent order be changed after it's been approved?
Modifying a financial consent order is a complex process. Typically, it necessitates a substantial change in circumstances or mutual agreement between the parties. Seek legal counsel for guidance on pursuing amendments and modifications.
8. What is the difference between a financial consent order and a court order after an adversarial court process?
A financial consent order represents an agreement negotiated and accepted by both parties. In contrast, a court order resulting from court hearings is imposed by a judge's decision. Consent orders typically require less time, expense and uncertainty when compared to other court orders.
9. How long does it take to obtain a financial consent order?
The timeline for obtaining a financial consent order varies depending on the court's workload and efficiency and is almost impossible to predict accurately. Could be between 2-12 weeks.
10. Do financial consent orders cover pension division?
Yes, financial consent orders can encompass provisions for the division of pensions and retirement assets. This ensures that these assets are fairly divided between the parties in accordance with the terms agreed upon. Any pension sharing will be dealt with in a pension sharing order.
11. What happens if one party refuses to sign a financial consent order?
If one party refuses to sign the financial consent order, resolution may require alternative means such as negotiation, mediation, or, as a last resort, pursuing a court order. Legal consultation is highly recommended in such situations to explore the most appropriate options and remedies available
