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Most divorces do not have to end acrimoniously, with thousands of pounds spent on legal fees and months or even years wasted battling back and forth. In fact, in 2022, England and Wales saw the introduction of no-fault divorce, as well as an online system that allows couples to apply for a divorce jointly or on their own. Whilst this means that couples are able to reach an agreement on their own without encountering any dispute, this does not mean that it is final or binding. This is where a financial consent order is needed.
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A financial consent order is a legally binding agreement between two or more parties, typically reached outside of court proceedings or alongside court proceedings – there is no time limit on reaching a settlement;it can be reached at any time. It outlines mutually agreed terms and conditions regarding settling the financial matters between the parties; for example, the division of property, business assets, ongoing maintenance and pension sharing, to name a few.
Unlike a court-imposed order, a financial consent order is reached by agreement, with the parties working together to finalise the terms and requires the consent of all involved. Once approved by the court, it becomes a legally binding and enforceable document, ensuring that each party adheres to the agreed-upon terms.
There are typically four sections to a consent order: the definitions, recitals, undertakings and orders. These sections can be very brief or detailed depending on the complexity of the agreement and the type of assets to be divided. Careful drafting is required to ensure a financial consent order accurately encompasses the agreement reached.
Financial consent orders are a necessary as part of a divorce as they allow couples to resolve their financial ties without the need for lengthy, costly and emotionally challenging court proceedings.
A financial consent order is a crucial aspect in the context of divorce proceedings, as it provides a structured, legally binding resolution to disputes without the need to formally engage in the court process (if an agreement can be reached before financial remedy proceeding have been issued)or brings a swift conclusion to any court process that has already commenced. It allows both parties to have control over the terms, offering a sense of cooperation and flexibility, which is always more preferable at such a difficult time.
By outlining agreed-upon terms for issues such as property division, spousal and/or child maintenance and other financial matters, this agreement minimises ambiguity and reduces the likelihood of future conflicts.
Additionally, a financial consent order streamlines the legal process, saving time and resources compared to a protracted court battle. Its enforceability by the court ensures that parties fulfil their obligations,promoting a fair and orderly resolution to legal matters.
The process by which a financial consent order is prepared and filed with the court can vary dependent on at what point the parties reach an agreement. As specialist family lawyers, it is our role to guide our clients through the process.
Just because a financial consent order has been reached directly between the parties, even with the aid of their solicitors or in the context of methods of alternative resolution (such as mediation or a Private Financial Dispute Resolution hearing), there is still a court process in place to ensure that the agreement reached is fair and reasonable.
The court has a process whereby it ensures a level of financial disclosure has been exchanged by the parties and requires sight of the “headlines” in terms of assets, income position and other information, to ensure that any Judge reviewing the terms of the financial consent order can assess if they are fair and reasonable in the circumstances of that case.
As discussed above, the financial consent order should clearly show the agreement or terms the parties are seeking following their divorce. Whilst it is possible for parties to do this themselves, depending on the complexity, it is more preferable to have this drafted by a specialist family solicitor. This will be one of the most important documents required to resolve financial matters and ultimately the parties’ divorce, therefore ensuring that the document is accurately drafted and protects the parties’ respective position is essential.
Once the relevant documents have been prepared, anaplication for the financial consent order to be approved will need to besubmitted via the online court system. If the terms ofthe financial consent order are considered fair and reasonable by the Judge, theorder should be approved without the need to attend a court hearing.
However, in the unlikely event that the Judge deems the financial consent order unfair, it will not get approved, and the Judge will most likely ask questions or require certain parts to be explained so that they better understand the position or can make amendments, if necessary. This is very rare though and is all the more reason to have a specialist family solicitor acting for you, as they will be familiar with such queries being raised and how best to deal with them.
The time it takes for a financial consent order to be approved can vary based on factors such as court efficiency, workload, and the complexity of the agreement. On average, it should take between 4 to 6 weeks.
Generally, a financial consent order aims for a faster resolution than a contested court matter, offering a more efficient route to formalising agreements and obtaining court approval for legally binding financial agreement.
It is always advisable to obtain a consent order even if there are no substantial financial assets involved. A consent order serves to formalise and legally bind agreements between parties, providing clarity on issues such as property division, financial responsibilities and other matters including a clean break. Even in cases with limited assets, having a consent order can prevent future disputes and ensure that both parties understand their rights and obligations. It adds a layer of legal protection and avoids potential misunderstandings or conflicts that may arise later on.
The short answer is yes, it is possible to obtain a divorce without a consent order, especially if there are no financial assets or disputes to resolve. However, in cases involving any shared finances, property, or children, obtaining a financial consent order is highly advisable.
Whilst it's not a legal requirement for divorce, a financial consent order formalises agreements regarding financial settlements, property division etc. Without a financial consent order, unresolved financial matters could lead to potential conflicts or claims even after the divorce is finalised, making it prudent to have one in place. The goal is to finalise matter in a formal manner, so there is no ambiguity, and both parties can move onto the next stage of their lives without uncertainty.
Secure your post-divorce stability today by choosing Family@Sheridans’ advice and support. Our experienced team ensures a smooth process, addressing financial matters and preventing future disputes. Contact us today for expert guidance and a seamless resolution to your legal needs.
