What are Financial Proceedings?
These are Court proceedings that deal specifically with issues over property and finances. Financial Proceedings may run alongside divorce proceedings.
The types of Orders that can be applied for under financial proceedings are:
Maintenance Pending Suit or outcome of proceedings
This is an application for maintenance to be paid whilst divorce proceedings are on going. This is sometimes referred to as Interim Maintenance. See further questions on maintenance for further details.
A Secured Provision Order
These are maintenance payments that are guaranteed. The Court is obliged to specify which assets on which security is to be given. This is in effect a charge on those assets in similar terms to a charge registered on a property.
A Property Adjustment Order
This is an Order where one party is ordered to transfer to another their interest in property.
A Periodical Payments Order
This is an Order for maintenance to be paid after the final Decree Absolute. The Court can limit the duration of the maintenance or in some cases it will terminate on death or remarriage. For more information on maintenance see our questions.
A Lump Sum Order
This is an Order for a payment of a capital payment in a lump sum, which is one payment only, which can be made in instalments or paid as one amount. This Order cannot be varied.
A Pension Sharing Order/Pension Attachment Order
This is where the Court Orders the pension provider to transfer some of one party’s pensions rights to the other. For more information on Pension Sharing Orders see our questions.
Clean Break Consent Order
This is an Order, which sets out agreements in relation to the Finances. This Order dismisses all financial claims from either party.
A clean break order allows you to break all financial ties with your spouse. Once a clean break order has been made, all potential future claims are dismissed so you cannot ask your former spouse for more money or assets.
A clean break order can only be obtained once the Court has the power to deal with financial issues. This occurs during the divorce process itself and, more specifically, once the first stage Decree has been pronounced; Decree Nisi
In some cases there can also be an application to vary previous orders made in respect of finances if there has been a change in circumstances.
KB & Co Solicitors on 020 3637 3119 / 079 0447 4119