What is a Financial Consent Order?
A consent order is a legal agreement authorised by the courts. It sets-out the terms of your financial settlement as agreed by you and your ex-partner. The courts expect you to both agree how any finances, properties, investments, savings and large items (such as caravans, cars, boats, etc.) will be divided between you. Once you submit a draft order for the courts to consider, a Judge will determine if the order is legal and if so, will authorise it and return it to both parties. As part of your submission, you will also be expected to submit a brief financial statement.
Why do I need a Financial Consent Order?
It is wise to ensure you have a legally binding agreement relating to your finances. A consent order authorised through the courts provides future security for your finances. Without a legal consent order, you run the risk of your ex-partner making a future claim against you. It is possible to have a private consent order but this offers very little protection against potential claims, even years later.
You will need a consent order if, as part of your settlement you or your ex-partner agree to share a pension. Whilst this make not be for many years to come, at the time you make a claim to the pension provider, they will need to see a court (consent) order before they will release any funds or agree to a split.
If you are married, you will need a consent order but if you are not married or in a civil partnership you have fewer rights. Either way, agreeing on a final settlement works for both of you. Using a mediator, as an independent third-party, is who many people are turning to.
How do I obtain a Financial Consent Order?
You can create your own draft order but we strongly recommend seeking the advice and services of a solicitor. They are used to making such applications to the Courts and therefore less chance of the papers being returned or rejected because they filled-out incorrectly or you have not used the appropriate language and terminology.
For more information, call 0330 113 0005 for Free Advice