The biggest misconceptions of financial orders and divorce
Working out of our CP Law Associates Southampton satellite office, Kiran Kaur has worked in the insurance sector, dealing with underwriting claims and negligence disputes and litigation. Kiran has represented clients at settlement hearings and in negotiations on civil matters.
Here, Kiran Kaur provides a detailed overview of the biggest misconceptions that she comes across when dealing with financial orders and divorce.
The biggest misconceptions with financial orders and divorce
“Since I began my career I have always worked hard on providing my clients with the clearest overview of the process as possible, to make sure that they know what to expect when they go through a divorce. One of the biggest misconceptions that I often come across when dealing with a divorce case, is that a lot of clients believe that once a divorce has been finalised it then brings an end to the financial claims that they can bring against each other. However, this is not the case and below I will set out three ways that financial claims can end:
· A financial claim can end by agreement to the terms of an order (this is known as a consent order) and the court approving the terms of that order
· A final order made following the determination by the court during financial remedy proceedings
· If you have remarried after your divorce has been finalised and you don’t have a consent order of a financial order and you haven’t applied for the financial order then you will have lost the right to make a financial claim.
The above three points make it essential to understand why speaking to a lawyer about having a consent order is important. Consent orders will give you a sense of certainty that in the event of a financial windfall you cannot be subject to a claim in the future. A consent order will also be able to give you a sense of clarity as they are there to prevent any confusion when it comes to jointly owned property further down the line.
Should we complete a full financial disclosure if we are only keeping what we currently own?
To get a consent order you do not need to complete a full financial disclosure – this is a common misconception, but it is recommended that you do so. To get an agreement the minimum requirement that the court will need is to make a statement in support so the full amount of equity in all properties and total assets will need to be disclosed.
Need more information on financial orders and divorce?
At CP Law Associates we like to advise our clients with clear, concise and easy to understand information on what is sometimes considered a complicated process. We advise our clients to consider a consent order where an agreement is either reached between themselves or if an agreement is likely with the assistance of a solicitor or mediator. Kiran Kaur will be happy to talk to you to work out the order most suited to your situation. Please contact us below for more information.
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