Financial Orders are commonly issued by the family division of the court, when a couple applies for divorce. There are a number of different types of order that may be granted, and while some will require that one party pay the other a regular sum, yet more orders may dictate that a lump sum be paid, that the resident parent of a child is allowed to remain in the family home, or that a property be sold and each party receive their share of the proceeds from the sale.
Financial Court Orders
Financial Orders may also be used when a couple that were not married, but bought assets or shared finances, separate, although court intervention is less common following the breakup of cohabiting, unmarried couples. Court Orders are legally binding, and breaking one means that the individual is in direct contravention of the court, making it an illegal act to do so.
Divorce And Money
The breakdown of any relationship can be difficult or trying, and even where there are no children involved, it can be heart-breaking to see a relationship that has blossomed over several years fall apart. If you and your partner are married, then it is not simply a case of packing your bags and walking away, and if you own a home or other property together, then this can make the whole process even more of a challenge.
Court Order Demands
The courts may decide that the simplest way to divvy up assets and cash is for a property to be sold, and for both parties to receive a share of the money that is left over. Alternatively, they may demand that one party make a regular payment or a one-off lump sum payment to the other party in order to retain full possession of the property. The court may also settle any disputes over joint pensions, joint savings accounts, and other joint financial accounts and agreements.
Separation And Assets
Separating from your partner can be difficult and challenging enough, without having to try and fathom out the court process on your own. By utilising an experienced and qualified family law solicitor, you can enjoy smoother proceedings while ensuring that you receive what you are rightly owed, or do not have to pay more than you legally should.