When it comes to family law, there are many different types of orders that can be issued by the court. Two of these orders are financial orders and consent orders. While they may sound similar, there is much difference between financial orders and consent orders in terms of their purpose and how they are enforced. In this blog post, we will explore the differences between financial order and consent order so that you can better understand which one may be right for your situation.
What is a Financial Order?
A financial order is an order made by the court that sets out how assets should be divided between parties in a divorce or dissolution of civil partnership. This includes things like property, money, pensions, investments, and other assets. Financial orders can also include provisions for spousal maintenance payments and child maintenance payments. Financial orders are legally binding and must be followed by both parties involved in the divorce or dissolution of civil partnership.
What is a Consent Order?
A consent order is an agreement between two parties that sets out how assets should be divided between them in a divorce or dissolution of civil partnership. Unlike financial orders, consent orders are not legally binding unless they have been approved by the court. This means that if either party does not follow through on their obligations as outlined in the agreement, then there is no legal recourse available to enforce it. However, if both parties agree to abide by the terms of the consent order and it has been approved by the court, then it will become legally binding just like a financial order would be.
Advantages & Disadvantages of Financial Orders & Consent Orders
Financial orders have several advantages over consent orders when it comes to dividing assets in a divorce or dissolution of civil partnership. First, financial orders are legally binding so both parties must comply with them or face legal consequences if they do not do so. Second, financial orders can provide more certainty than consent orders since they cannot be changed without going back to court for approval. Finally, financial orders can provide more protection for vulnerable parties since they cannot be changed without going back to court for approval as well.
On the other hand, consent orders have some advantages over financial orders as well. First, consent orders can provide more flexibility since they can be changed without going back to court for approval (as long as both parties agree). Second, consent orders can often be completed much faster than financial orders since they do not require court approval before becoming legally binding (as long as both parties agree). Finally, consent orders can often save money since they do not require legal fees associated with going back to court for approval (as long as both parties agree).
In conclusion, there are several differences between financial orders and consent orders when it comes to dividing assets in a divorce or dissolution of civil partnership. Financial Orders are legally binding while Consent Orders must first receive court approval before becoming legally binding (unless both parties agree). Each option has its own advantages and disadvantages depending on your particular situation so it’s important to consider all factors before deciding which one is right for you.
