Divorce and financial orders explained

 An excerpt from Lawpack's Separation & DIY Divorce Kit.

During divorce, when you and your spouse finally reach agreement over your finances, it's vital that you reflect the terms of the settlement in a financial order. If you don't, any financial agreement you reach won't be binding. A financial order sets it in stone!

It's only through a court order that your financial claims against each other can be dismissed, making it impossible for either of you to make financial claims against each other in the future. It's important that you obtain a formal court order if you want to achieve absolute finality between you in relation to your financial settlement.

The divorce court can make financial orders any time on or after the pronouncement of the decree nisi. If you're not able to agree the terms of your financial settlement, the divorce court will draft the financial order for you.

If you do reach agreement, you're expected to draft the agreement between you and it's then lodged at the divorce court for formal approval and sealing by a judge, providing that the judge is happy with the financial order and is satisfied that it reflects the fair terms of the divorce settlement. Once the financial order is sealed, it's then binding upon both parties.

If you're planning to remarry and you're looking for any one of the following financial orders - lump sum financial order, property transfer financial order, sale of property financial order, pension sharing financial order - as part of your financial settlement, then you will need to issue your Form A before you remarry or your right to claim these financial orders will be lost.

Do note that maintenance orders cannot continue past the remarriage of the receiving spouse.

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Published on: October 25, 2010

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