Divorce Financial Order Explained
Getting divorced is stressful, but when you start to look into financial orders your stress levels may go up even more! The reality is that there are many different types of orders for finances. You will need to decide, with the support of legal advice, which would be best for you and your situation.
Here is a list of Financial Orders in divorce cases that are most common:
This is sometimes referred to as a Form A and you may require a mediation certificate. Speak to your mediator about this. This order looks at how your debts (if you have any) and your assets should be split between you and your ex. Trying to work this out by yourselves can be challenging, so many people use a solicitor, a family mediator, or arbitrator. If you can’t agree, then you would make an application to court and a judge will decide on your behalf. This will be based on a full and frank disclosure to the courts. If a decision is made and later it is found that there was not a full disclosure, the judgement would be set aside and it would go back to court before a judge. In consent orders there is a ‘clean break’ clause, which means there are no longer any financial ties between you and your ex. Most people apply for this order when the decree nisi has been issued.
Clean Break Order
This has been covered above, but what happens if you don’t have any marital assets? Well, you can still ask for a Clean Break Order from the courts, so that no future claims can be made, such as one party winning the lottery.
Pension Sharing Order
Pensions can be very complicated to deal with and you will hear lawyers and mediators talking about CETVs (Cash Equivalent Transfer Value). This is a document which basically tells you what your pension is worth. You need this before you can start talking about pensions and making orders. You can ask the court to make an order to split pensions, as you may feel that you may be entitled to part of your ex’s pension. When preparing for this order, lots of elements need to be taken into consideration, such as your age, the value of the pension, length of married, individual needs and possible employment in the future.
Property Adjustment Order
Knowing how to deal with the family home can be one of the biggest questions for separating couples, also it is one of the more complicated areas of law. There are lots of questions to be asked such as whose name is the house in, who is on the mortgage, who is living in the house, are there any children etc. There are many actions that the court can take including a Mesher Order, which allows for the sale of the house to be deferred until a specific event happens, such as children reaching adulthood, a new partner moving into the house etc.
This is the most well-known order and it is sometimes called ‘spousal maintenance’. Not everyone is entitled to spousal maintenance and it depends on many things, such as how long the marriage was, the earnings of each party, the needs of individuals etc. Maintenance orders for children can also applicable.
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The first stage in family mediation is the MIAM. This is the first meeting that you have with a mediator. The four letter stands for Mediation Information & Assessment Meeting. It is important to note that your former partner does not attend this meeting with you. This meeting can be done using Skype, FaceTime, or WhatsApp, which is easy to do, even if you are not a techie person! In this first meeting, you will have the opportunity to find out from a qualified family mediator how mediation works and the potential benefits. The mediator will also make an assessment as to whether mediation is appropriate for your personal situation. If mediation is not an option, the mediator is able to sign the appropriate court forms.
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