Financial Remedy Consent Order
A Financial Remedy Consent Order will probably be one of the most important documents that you ever enter into, and, therefore, should be taken very seriously and be carefully considered. This is the document that will record the financial agreements and arrangements surrounding the breakdown of your marriage or civil partnership, which once approved by the Court, becomes a fully binding and enforceable Court Order.
A Financial Remedy Consent Order often makes provision for future events and should deal with every financial element arising from your marriage from, for example, who will be keeping what furniture to when the house will be sold and how the net proceeds of sale will be divided.
It is very important to realise that even if there are no assets within the marriage, a Financial Remedy Consent Order also (if appropriate) severs you financially from your spouse or civil partner, and prevents any future claims, or in the event of death, prevents claims against your estate. Only a Financial Remedy Order is capable of doing this and needs to be prepared and implemented alongside a Divorce, as your Divorce will only dissolve your marriage and will not financially sever you from your spouse or civil partner.
As the name suggests, this document can only be entered into with the consent of both you and your spouse or civil partner. If financial matters can be resolved in this way, it is an extremely cost-effective solution.
A Financial Remedy Consent Order cannot be submitted to the Court until Decree Nisi/Conditional Order has been pronounced in your Divorce, and so running both the Divorce and finances alongside each other is usually the most sensible and pragmatic way forward.
When a Financial Remedy Consent Order is submitted to the Court, a Statement of Information is also prepared at the same time. A Statement of Information provides the Judge with a snapshot of both parties’ current financial positions. It is used by the Judge to assess whether the proposed terms of the Financial Remedy Consent Order are broadly fair. The Statement of Information confirms your respective capital positions, any liabilities that you have, your pensions, and your income positions, amongst other things.
When the Financial Remedy Consent Order is submitted to the Court, it is not simply a rubber-stamping process. The Judge will need to ensure that the terms of any agreed Financial Remedy Consent Order are fair, although the discretion that the Family Court has in this respect is very wide.
Typically, it takes around 1 to 3 weeks for the Court to consider, approve, seal (stamp) and return the Financial Remedy Consent Order. The Court can, and often does, raise questions surrounding the proposed terms of the Order, so you should be prepared for this process and some minor delays which may result. However, with our expert guidance, this should be quickly addressed and questions easily be answered.
Given the importance of a Financial Remedy Consent Order and the long-term implications, it is fundamentally important that legal advice is obtained early on, to ensure that your financial objectives are fully met, and your position entirely protected.
We are also able to offer, in most cases, a fixed fee service in relation to your Financial Remedy Consent Order and we may also be able to apply to reduce or waive the usual Court fee of £53, depending on your financial circumstances.
We offer a FREE first appointment, so take the first step and reach out to us now by either telephone on 01962 809056 | 02380 653785 or email us to arrange a convenient time on contact@mitchellryansolicitors.co.uk.