When couples separate and agree a financial settlement, certain documents have to be submitted to the Court. The Consent Order is a document which states the agreement itself. In addition to this, the parties have to submit a financial ‘Statement of Information’. This is known as a summary of the assets, income, liabilities and pension that the parties have at the time they sign the statement.
This form is used to assist the Judge in making a decision as to whether the financial agreement within the Consent Order is a fair one.
However, as of this week, a new Financial Statement of Information form has been published for submission to the Courts and is effective immediately. The new format is far more complex. For example, parties must now detail their financial position prior to and post implementation of the Consent Order.
When setting out your financial position, capital is now split up into property and other capital. The most significant change relates to income, as it is now broken down into different types of income sources, for example earned income, state benefits, pension income etc. There is also a new section which requires parties to explain their reasoning for the agreed division of assets.
It seems that overall, the Courts are trying to ensure that any agreed financial settlement will be sufficient not only to meet both parties needs but that the division is a fair one in light of the particular circumstances.
As such, it is now more important than ever for separated couples to obtain independent legal advice when reaching a financial agreement between themselves.
How can Sinclair Law Solicitors help you with your divorce?
We can advise you on your financial agreement, prepare a Consent Order and also help you in completing the Statement of Information before submitting it to the Court for approval.
Sinclair Law Solicitors can advise on all aspects of divorce, separation, financial settlement and family law. Our Cheshire based team of family lawyers have comprehensive experience in negotiating financial settlements. Whatever your situation, our divorce and financial settlement team at Sinclair Law Solicitors will work closely with you to reach the best possible financial agreement and secure a financial court order.
Get in touch today with a member of the team at Sinclair law for a free 30-minute case review.
Article by Weronika Husejko, Paralegal, Sinclair Law
