Family & Divorce

What are Financial Consent Orders?

Though the introduction of the ‘No-Fault Divorce’ procedure provides for a more amicable divorce process, couples who are looking to separate still face the challenge of negotiating over finances, assets and children.

03 Jan 2023

Team name
Yvonne Taiwo

Yvonne Taiwo

If mismanaged or overlooked, this aspect of a divorce can have grave consequences for either party, leaving them at a significant disadvantage. It is therefore imperative that divorcing couples consider obtaining a financial consent order.

A consent order is a legal document that confirms the full financial agreement reached by a couple. Consent orders usually set out how assets will be divided, and can include any other financial arrangements such as child maintenance payments. It also allows for separating couples to deal with pensions and/or any tax liabilities relating to transfer of assets.

Couples need apply to the court to finalise the agreement reached to ensure it is legally binding. The consent orders usually contain a clause to prevent ex-spouses from making subsequent financial claims against each other. This reduces the risk of exposure to future claims and provides closure.

M&P Commentary

Yvonne Taiwo, a Paralegal in the Family team, said:

“In light of the rising cost of living, obtaining security by means of a financial consent order is more important than ever before. Divorce proceedings by nature are emotionally challenging, but with the appropriate legal guidance, a consent order can operate to facilitate a division of assets that is reasonable and fair for both parties.”

OUR CLIENTS SAY ABOUT US

Ranked highly in Romford and Brentwood for solicitor firms

Family
The service I received from Allison was exceptional. Always highly professional and informative.
Virginia
Wills
Mullis and Peake are very efficient, professional and friendly company to deal with. Excellent service throughout.
Brian
Employment
Excellent, swift service from Esther at Mullis & Peake. Showed clear expertise in her field & walked me through everything patiently & thoroughly.
Dan
Company and Commercial
I found the service provided was excellent from start to finish, with our requirements met in a timely manner throughout.
Gary
Wills
Staff very helpful and friendly. Trudi was easy to talk to and to understand the procedure.
Pamela
Dispute resolution
We contacted Martyn to deal with a sensitive Will dispute and we can’t thank him enough for his commitment and hard work.
Salena
Residential Property
Very prompt. Experienced. Expert. Friendly.
Trevor
Commercial Property
Excellent service and far quicker than previous negotiations using a different solicitor.
John
Family
At all times I was kept informed about the progress of the case and everything was completed in a timely fashion.
Melanie
Personal Injury
Martyn undertook and guided me through the lengthy process [of a personal injury case], and after much work, achieved a successful result.
Shirley

Related News insights

Employment Advice (For Business), Legal, Employment Advice
Awareness for employers – future changes to employment law
Legal, Residential Property, Residential Property
Selling your property? There are some documents you may need to find
Employment Advice, Legal, Employment Advice
Flexible working requests – changes from April 2024
Dispute Resolution, Legal, Alternative Dispute Resolution
What is a Litigation Friend?