Peter B Posted October 26, 2024 Share Posted October 26, 2024 (edited) A Financial Remedy Order (also known as a financial order or a consent order) is a legally binding agreement made by a court in England and Wales during divorce or dissolution of a civil partnership. It sets out how a couple's assets will be divided and any ongoing financial arrangements. It covers the following ... Division of assets Property (family home, other properties, sometimes inherited property) Savings and investments (bank accounts, ISAs, shares) Pensions (often a significant asset, may involve pension sharing) Other assets (cars, artwork, valuable items) Financial support Spousal maintenance (regular payments from one party to the other) Child maintenance (payments for the financial support of children) When is it necessary? When a couple can't agree on how to divide their finances during a divorce or separation. To formalize an agreement reached between the couple, making it legally binding. How is it obtained? If an agreement is reached, it can be submitted to the court for approval as a consent order. If no agreement is reached, the court will make a decision after a series of steps, including: Form E: Financial disclosure by both parties. First Appointment: Preliminary court hearing. Financial Dispute Resolution (FDR): Attempt to reach an agreement with a judge's help. Final Hearing: If no agreement at FDR, a judge makes a final decision. Key Features Legally binding: Both parties must comply with its terms. Finality: Aims to provide a clean break and prevent future financial claims. Flexibility: Can be varied in certain circumstances (e.g., significant change in financial situation). Benefits Ensures a fair division of assets and provides financial security. Avoids future disputes by clearly outlining financial arrangements. Provides a clean break, allowing both parties to move forward. Important: It's crucial to seek legal advice from a family law specialist to understand your rights and options regarding financial remedy orders. Sources & Related Content https://www.gov.uk/money-property-when-relationship-ends/get-court-to-decide https://osborneslaw.com/blog/financial-remedy-order/#:~:text=A Financial Remedy Order is,other assets after a separation. https://anthonygold.co.uk/latest/blog/financial-settlement-in-divorce-guide https://www.fjg.co.uk/financial-remedy-order-affect-welfare-benefits/#:~:text=It can include provisions for,spousal maintenance%2C and pension sharing. https://www.brabners.com/insights/brabners-personal/a-guide-to-financial-remedy-proceedings#:~:text=Financial remedy proceedings are a,dissolution of a civil partnership. https://resolution.org.uk/looking-for-help/splitting-up/your-process-options-for-divorce-and-dissolution/representing-yourself-in-court-as-a-litigant-in-person/financial-applications/ https://www.weightmans.com/insights/a-guide-to-financial-remedy-proceedings/ https://www.kingstreetsolicitors.co.uk/understanding-financial-remedy-orders/#:~:text=The order states how the,fair settlement to both parties. https://mensadviceline.org.uk/legal-information/the-court-process-for-obtaining-a-financial-order/#:~:text=The only people present will,a solicitor or a barrister. Edited October 26, 2024 by Peter B Quote Link to comment Share on other sites More sharing options...
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