A financial concert order in a divorce is a legally binding agreement regarding finances between a couple. Obtaining a consent order means any lawfully binding financial decisions made and agreed to during a divorce.
Is a consent order a legal requirement?
While you do not need a consent order legally for a divorce - many couples successfully divorce without needing one; if there are or are likely to be any disputes over money and assets, it is highly recommended that you obtain a consent order to avoid any issues down the line. This will allow both parties to know where they stand regarding joint and separate finances.
If you do decide to get a consent order during your divorce, you need to get it agreed upon by the court to make it legally binding.
When should you get a consent order?
Your marriage is officially over when you receive your Final Divorce Order (formerly known as the Decree Absolute). However, you will still have legal ties to your former spouse. In this case, a consent order puts into writing what you have agreed regarding your finances during your marriage and is enforceable should one party change their mind down the line.
It is a good idea to get a consent order for the following financial ties;
- Properties
- Mortgages
- Joint credit card, loans or finance agreements
- Investments
- Shares
- Pensions
- Inheritance
This can be helpful even if your divorce is amicable. Depending on your personal circumstances, your divorce lawyer can help you get the best terms possible.
How to get a consent order
Your Divorce Solicitor can put together a Consent Order once you and your former partner have reached an agreement on how to divide your assets and debts. You and your partner must ensure that the contract contains all you've agreed upon.
Form D81 (Statement of Information for a Consent Order) will be used to file your agreement with the court once it has been authorised and signed by both of you.
After reviewing the draft Consent Order, the court will determine whether or whether the division is equitable and in the best interests of both of you.
What happens if you don't get a consent order?
While you might both be open to pursuing your divorce without a consent order in place, you never know what will happen if you fail to get a legally binding agreement regarding your finances, especially if your circumstances change in the future. A consent order will stop your former spouse from changing their minds, such as if you experienced a large windfall or came into an inheritance. It is protection for you and your finances during and after your divorce.
If you feel you need to talk to an experienced legal representative regarding your divorce and your finances, our experts at Family Law Mediation can work with you to ensure that the proper consent order is in place for you and that you are protected for now in the future. Call us on 0116 4422 989 for more information.
