A financial consent order is a legally binding document that formalises the terms of your financial settlement. It outlines the division of your property, savings, investments, pensions, and other assets, and may specify any spousal maintenance payments. The complexity of consent orders varies, ranging from basic and uncomplicated to intricate, depending on the nature of your assets and the desired distribution.
If you and your former spouse reach a financial settlement without a consent order, there's a potential risk that your former spouse may later seek a portion of your assets, income, or pensions through a legal claim. A consent order effectively severs all financial ties between parties so that neither you nor your former spouse will have the ability to request additional capital in the future.
Furthermore, a consent order establishes the terms of your settlement in a formal manner, eliminating the possibility of disagreement over intentions as everything is documented in an official record. You can seek court intervention to enforce the agreement, guaranteeing compliance from both parties involved in the settlement.
It is highly advisable to consult with a family solicitor to prepare your consent order. Your appointed solicitor will be responsible for drafting the consent order and submitting it to the court. This filing can take place at any time after the Conditional Order (previously referred to as the Decree Nisi) has been granted.
Regardless of whether there are no savings, property, pension and any other assets, it is advisable to pursue a financial consent order. This is the only method to establish a clean break and safeguard against potential financial claims in the years to come.
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