03rd February 2017
Financial court orders
We are separating. What types of financial orders can the court make?
The head of the family law team analyses the types of court orders that the court can make in order to resolve the division of the financial assets in the event of divorce or dissolution of civil partnership.
A financial court order should be made during divorce, or dissolution, after the divorce or dissolution proceedings have progressed sufficiently, to a point in the proceedings called the Decree Nisi. So apart from that requirement, the making of the financial order orders should not be linked to the timing of the other process.
The various ways that the court can settle financial and property matters are by the following orders:
- A lump sum order — One person paying the other a sum of money.
- A property adjustment order — One person transferring ownership of a property to the other, or sale of the property.
- Spousal periodical payments — Regular maintenance payments to help with living expenses.
- Child Maintenance — If you have agreed the amount that one person will pay to the person caring for the children. This agreed order may be varied by the CSA, though, if one of you chooses to apply to the CSA after this order is more than 12 months old.
- Pension sharing order — To help a distribution where pension funds are unequal.
Except in exceptional circumstances, a financial order is final, so you should take advice about your specific assets and circumstances, to achieve the best possible outcome.
Please contact our team of specialist family law solicitors to discuss this issue, or any other issue of family law or relationship breakdown.
You can always call us on 0808 168 5550 or email us on email@example.com
31st January 2017
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