Here's a helpful guide to Consent Orders, which relate to financial settlements in divorce cases.
What is a Consent Order?
In essence, a Consent Order is a document which outlines the financial arrangements you and your former partner have agreed to. It is legally binding, so can only be produced following discussion, negotiation and perhaps some mediation if you are unable to agree right away.
The Order will set out what will happen to your shared and individual assets when you divorce, which includes money and property. As well as how assets will be divided between the two of you, it also includes details of who will be responsible for any debts. It may include details of pension arrangements – a crucial thing to consider during divorce.
Another point to think about when drawing up a Consent Order with your divorce solicitor is what will happen to income in the future. For example, there is something known as a ‘clean break’ clause which protects any assets like lottery wins or inheritance that you may receive in the future.
Why do I need one?
This kind of legal document is very important during a divorce. This is because it is legally binding, so it means that no one can change their mind once the agreement has been approved by the court. This keeps financial arrangements fair, clear and arranged in a mature, sensible manner.
A Consent Order also ends all financial ties between you and your ex. Neither party will be able to make a financial claim against the other in the future.
A Consent Order will be granted by the court during your divorce proceedings. If you and your partner have assets to split (which is the case for most couples), you should obtain one in order to fully resolve financial matters.
How to complete a Consent Order
In order to get a Consent Order, you’ll both need to provide an accurate snapshot of your financial position as it stands. This includes details of assets, debts, pension arrangements and income from all sources. Alongside this information, your divorce solicitor will submit the Consent Order itself. It’s important that this is professional drafted, as it will need to include certain crucial legal clauses. This document contains details of the financial arrangement both parties will agree to.
You and your ex-spouse will need to agree to split your finances in a fair way. You can communicate and negotiate through your respective solicitors, or arrange a mediation session if you’re having trouble agreeing.
If you need help with financial arrangements during divorce, get in touch with Wirral divorce solicitor Tracey Miller Family Law by calling 0151 515 3036 or 07795 060 211.