A Financial Order is a court order which formalises how money and property will be divided between divorcing couples. Only a court can make a Financial Order and this is the only way of making a financial division legally binding*. If you do not obtain a Financial Order, then a court cannot enforce your financial arrangement.
If you and your spouse can come to an amicable agreement on how to divide your finances, then this agreement can be submitted to court for approval by a judge. To obtain a Financial Order, you will need to lodge “minutes of consent” with a judge for consideration. Only a judge has the power to convert the agreement that you have reached into this binding court order.
You do not need a solicitor to draw up this agreement, although of course we recommend that you should. You can read more about how to draft “minutes of consent” here.
If you can’t agree with your spouse on how to divide your finances, then you can ask the family court to decide how your money should be split. This might include ownership of property, maintenance and pension sharing. A judge will make a decision on how your finances will be divided, and formalise this with a Financial Order.
You can read more about the process for applying for a Financial Order here. You will have to attend a court appointment and go to a number of court hearings. The process can be very expensive and long winded. It is highly recommended that you consult a solicitor before making an application.
*There may be an agreement reached between you and your spouse in relation to your financial arrangements on divorce, which is not yet a court order, but which you have been bound to. You can read more about “Xydhias Agreements” here.Get Expert Advice You can contact us for confidential family law advice or to arrange a meeting at our office in central Milton Keynes. We offer free, no obligation, telephone consultations for qualifying individuals. If you would like to book an initial phone consultation at no cost, please complete our online questionnaire. Copyright 2013-2020 Rainscourt Law LLP. All rights reserved.