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A financial order is a document outlining financial arrangements for dividing matrimonial assets between divorcing couples. These terms can be agreed upon by the couple (in various ways), known as a financial consent order, or decided by the court if an agreement cannot be reached, resulting in a financial order. Once approved by the court, these arrangements are legally binding and enforceable upon the granting of the final divorce order.
While the final divorce order legally ends a marriage, it does not terminate financial obligations between divorced couples. Instead, to formalise any financial agreement, parties must apply for a consent-based financial order through the court or apply to have the matter determined by the court, in circumstances where reaching an agreement through alternative means has not been successful.
There are several types of financial orders available depending on the circumstances of the divorce. While a divorce solicitor will help parties determine which type of financial order is best for their situation, we have shared below an overview of the most common financial orders available.
Property Adjustment
A property adjustment order allows for the transfer or sale of properties, such as the family home or investment properties, between divorcing parties to achieve a fair distribution of assets. It aims to resolve disputes over property ownership and ensure a fair outcome for both parties. Property adjustment orders also provide a legal framework for redistributing assets and are enforceable by law, helping to facilitate the financial settlement process during divorce proceedings.
Lump Sum Order
A lump sum order is a court directive requiring one party to pay a specified sum of money to the other. This payment, or series of payments, aims to achieve a fair financial settlement by compensating for the division of matrimonial assets or addressing financial needs post-divorce. The amount that is paid to the other is decided based on various factors, including property division, income disparity, and ongoing financial obligations and the time by which the payment is due to be paid is also determined.
Periodical Payments Order
Periodical payments refer to the ongoing financial support paid by one spouse to the other at regular intervals. There are different forms of periodical payments:
1. Spousal – also referred to as spousal maintenance: These payments aim to provide financial assistance to the party who does not have sufficient assets or income to cover their daily needs, such payments are made to assist them to adjust to independent living.
2. Child – also referred to as child maintenance: These payments are often the jurisdiction of the Child Maintenance Service (CMS) to determine, but the court can make an order (by agreement) for child maintenance at a specified level and retain jurisdiction (control and powers) for 12 months after the order is made. After the 12 month anniversary, the control over the child maintenance reverts to the CMS.
3. Global: these are periodical payments that cover an element of both spousal and child maintenance. A global maintenance order is often more favourable to financially weaker parties, in circumstances where they do not want the Child Maintenance Service to have jurisdiction and provides them with the protection of an enforceable periodical payments order that the court then has jurisdiction over beyond the 12 month rule.
4. Nominal spousal maintenance: This is usually a £1 per year order for a fixed duration, which effectively leaves the spousal support claims open, so that in certain, limited circumstances they can apply to court for an increased amount of support. The applicant party would need to show that such maintenance is required.
The amount and duration of periodical payments are determined based on factors such as the financial needs of the recipient, the earning capacity of both parties and the standard of living enjoyed during the marriage.
This form of financial order offers financial stability to the recipient party and may be adjusted over time based on changing circumstances.
Pension Sharing Order
A pension sharing order is a legal directive issued by the court to divide one party's pension assets and rights between both parties. This order creates separate pension funds for each party, and it also ensures a fair distribution of retirement benefits accrued during the marriage and can address financial inequalities post-divorce.
The amount transferred is shown as a percentage and can vary depending on personal factors such as the duration of the marriage and each party's financial needs.
Clean Break Order
A clean break order severs financial ties between both parties, ensuring neither party has ongoing financial obligations to the other in an attempt to secure independence post-divorce. This order covers the settlement of all financial matters, including property, assets, and pensions, without the need for future claims. It also allows both parties to move forward independently, free from financial dependency or liabilities to each other. Ultimately, it provides certainty and finality, preventing future claims on income, assets or inheritance.
You have the option to request a financial order along side your divorce or dissolution application, or afterwards. It is typically smoother to do so after obtaining your conditional order — as the court cannot approve a financial order before this, but before receiving your final divorce order — as applying afterwards may lead to financial repercussions, especially regarding pensions. The financial order becomes effective only after you receive your final divorce order.
If you are seeking clarity regarding financial circumstances, our Family@Sheridans divorce solicitors provide expert guidance on all types of financial orders. Our experienced team navigates the intricacies of divorce proceedings, ensuring fair and comprehensive settlements. For legal advice on the matters covered in this insight please do contact us at family@sheridans.co.uk.
