What Happens if You Don’t Get a Financial Order?
If you don’t get a Financial Order before your Divorce is finalised, this could result in either:
- Your former partner applying to the Court in the future for financial relief
- You or your former partner being prohibited from applying to the Court for financial relief, which is known as the “remarriage trap”.
There is no specific time limit for you to make an application for a financial remedy against your former partner.
Lose Any Ability to Claim
If you decide to remarry before you make a Financial Order, you may lose any ability to claim any financial relief from your former partner. This is also reversed, so if your partner was the respondent in the divorce proceedings and they remarry and you don’t have a Financial Order, they cannot now make an application for financial relief. This again is known as the remarriage trap.
The only exception to this is possibly an application for a Pension Sharing Order.
How to Get a Financial Order
You can get a Financial Order from the Court in one of two ways. You can make an application for:
- A Consent Order
- A Financial Order
If you and your former partner can reach an agreement, it’s really important that you both provide full disclosure of your financial circumstances. This will make sure that both you and your former partner are aware of what assets form part of the “matrimonial pot”. It also means you can both get independent legal advice about the financial settlement to make sure you are protected.
Once this happens, a Consent Order is prepared and signed by both of you. Providing the Decree Nisi has been pronounced in the Divorce proceedings, the Consent Order can be lodged at Court for a Judge to consider.
Divorce Financial Orders
If an agreement cannot be reached, financial proceedings must be issued at Court. The Court will provide various directions. These will include asking for disclosure of each person’s financial position and to help you both try to reach an agreement. If an agreement still cannot be reached, the matter will be listed for a final determination and the Court will impose a Financial Order on both of you.
In other words, a Judge will decide and you are both legally bound to abide by the terms of the Financial Order. The Judge will consider all of the financial information provided, and work to produce an agreement which is fair to both parties.