A Financial Order Agreement, also known as a Consent Order, is a legal document that sets out the details of a financial settlement between two parties who are divorcing or dissolving their civil partnership.
When a couple decides to get divorced or dissolve their civil partnership, they must separate their assets and finances, which can be a complex and emotional process. A Financial Order Agreement helps to ensure that both parties agree on how to split their assets and finances in a fair manner.
The agreement covers a range of financial matters, including the division of property, assets, debts, and pensions. It outlines who gets what and how much, and it can also include provisions for spousal maintenance and child maintenance.
One of the benefits of having a Financial Order Agreement is that it provides clarity and certainty for both parties. It eliminates any uncertainty or potential for future disputes over financial matters. Once the agreement is approved by the court, it becomes legally binding, and both parties are required to comply with its terms.
Another benefit of a Financial Order Agreement is that it can help to expedite the divorce or dissolution process. If both parties are able to agree on the terms of the financial settlement, then the court can approve the agreement without the need for a hearing or trial.
To create a Financial Order Agreement, both parties must first agree to the terms of the settlement. They will then need to draft a written agreement that sets out the details of the settlement. It is important to work with a qualified family law attorney who can guide you through the process and ensure that the agreement is legally sound.
In summary, a Financial Order Agreement is an important legal document for anyone going through a divorce or dissolution of a civil partnership. It helps to ensure that both parties agree on how to split their assets and finances in a fair manner and provides clarity and certainty for both parties. To create a Financial Order Agreement, it is important to work with a qualified family law attorney who can guide you through the process and ensure that the agreement is legally sound.