A Financial Order is a court Order that sets out how money and assets should be dealt with when a marriage ends. It can cover things like the family home, savings, lump sum payments, pensions and ongoing financial support from one spouse to the other. If you cannot reach an agreement, the court can decide what is fair and make an Order reflecting this.
A Financial Order also protects both parties from future claims. This is important because circumstances can change after a Divorce. For example, if one person’s financial circumstances change, the other may still be able to make a claim if there is no Financial Order in place. Having a legally binding Order helps bring matters to a close and gives both parties more certainty about the future.
Is a Financial Order needed when you Divorce?
A Financial Order is one of the most important things to consider when going through a Divorce. We always recommend that financial matters are resolved before the Final Order of Divorce is granted, as still being legally married offers better protection in the unfortunate event of the death of a spouse before financial matters are resolved.
After the Final Order of Divorce has been made, financial claims can still remain open unless they have been dealt with properly in a legally binding Order. Without a Financial Order, either person could potentially make a claim against the other in the future, even many years after the Divorce has been finalised.
In summary, a Financial Order is an important part of Divorce in England and Wales. It helps make sure financial issues are properly resolved, sets out what each person is entitled to, and reduces the risk of problems or claims arising later on.
If you are going through a Divorce and require our assistance as to how you can best protect yourself going forwards, please contact the family team here at Mewies on 01756 79900 where we can take the relevant details to book you in and arrange an initial appointment for specialist legal advice tailored to you.