When a marriage or civil partnership ends, it is not just the emotional aspect that needs attention, but also the financial matters that require careful consideration. Understanding the process of obtaining financial orders following divorce or dissolution is crucial to securing your financial future.
If you need legal advice concerning financial orders in Potters Bar, Hertford, or Finchley, the Martin Shepherd Solicitors’ team is here to help.
What are financial orders?
Many couples going through a divorce or dissolution are unaware that obtaining a Final Order ending the legal relationship of a marriage or civil partnership does not shield them from potential financial claims by their former partner.. Even after obtaining a divorce or dissolution, failing to secure a legally binding order from the Court can leave you vulnerable to future financial claims.
A financial order is separate to the application for the dissolution of the marriage or civil partnership and in all cases where one or both parties own a property a financial application should be made.
Financial orders outline how the financial assets and responsibilities of a couple will be divided after divorce or dissolution.. These orders are legally binding and enforceable, ensuring that both parties are clear about their financial rights and obligations.
Financial orders can:
- specify how marital assets, including properties, savings, investments, and debts, will be distributed between spouses.
- determine whether one spouse should provide financial support to the other after divorce, including the amount and duration of these payments.
- address the division of pension assets accumulated during the marriage.
- specify how properties will be divided, sold, or transferred.
- redistribute business shareholdings and order lump payments
- address potential inheritance claims to ensure assets are preserved for intended beneficiaries.
While financial orders do not involve child arrangement orders, they can outline financial responsibilities towards children, ensuring their well-being is protected including providing a home for them. They may determine financial support for children in the midst of family restructuring if the Child Maintenance Service does not apply.
Another significant type of order in the realm of financial matters is maintenance orders. These orders dictate the ongoing financial support provided by one party to another. They try to ensure that both parties can meet their reasonable needs and where possible maintain the previous standard of living enjoyed during the relationship although that is not always possible to do.
Why are financial orders important?
Obtaining financial orders is vital because they provide clarity and security during a turbulent time. Without a legally binding agreement, disputes and uncertainties may arise in the future, potentially leading to financial instability.
Don’t leave your financial well-being to chance. If you are starting the divorce or civil partnership dissolution application yourself get legal advice first as to whether you should be making a financial claim as you will be asked that question on the application and it is very important to put the right answer. Our team is ready to advise you on your financial order in Finchley, Hertford, or Potters Bar. Consult with us today to secure your future after divorce.
When to Apply for a Financial Order
As soon as divorce proceedings are initiated, it is advisable to consider seeking a financial order.
Every case is unique, and circumstances can vary widely. Seeking the guidance of a qualified family law solicitor is a wise step. We can assist you with your application for a financial order in Hertford, Potters Bar, and Finchley. We provide tailored legal advice and recommendations based on your specific situation.
Expert Legal Guidance Matters
Martin Shepherd Solicitors are here to ensure that your financial rights and future are protected. Contact us today to schedule a consultation and take the first step towards financial security after divorce.