When arranging your finances on divorce there are different orders that are available to you by virtue of your marriage. The terminology used can seem daunting however below we have provided short explanations for the different orders you may come across in your divorce so that you feel better prepared for discussions with your Solicitor, Mediator or the Court.

The usual orders for financial remedies available are as follows:

1. Property Adjustment Order.
2. Lump Sum Order.
3. Maintenance/Periodical Payments Order.
4. Child Maintenance Assessment or Child Maintenance Order.
5. School Fees Order
6. Pension Sharing Order.
7. Clean Break Order. 
8. Consent Order and Statement of Information.
9. Agreements and Undertakings in an Order.

Below Trainee Solicitor at SRB, Noor Kureshy, details each order and what it means for your divorce.

Property Adjustment Order

This order can do the following:

• Transfer property from one party to the other (or to a child of the family or for the benefit of such a child).
• Settle property for the benefit of one or both parties (or a child of the family).
• Vary a nuptial settlement for the benefit of one or both parties (or a child of the family).

Lump Sum Order

This refers to a cash lump sum payment that is made from one party to the other or a child of the family. This is useful to adjust the division of cash assets when resolving finances. 

Although it is referred to as a lump sum, it can be paid in instalments with agreement from both parties or as ordered by the court.

Maintenance/Periodical Payments Order

A spousal maintenance order outlines payments to be made from the spouse to the other spouse to assist with their living costs. This can be for a transitional period or until retirement or during joint lives. 

The order can be varied if there is a change in circumstance and parties can apply for interim maintenance orders while the finances are being settled.

Child Maintenance Assessment or Child Maintenance Order

In the first instance, you can check the amount that the Child Maintenance Service would calculate for Child Maintenance. You may agree on an appropriate payment for your children and it can be documented in a Child Maintenance Assessment or in a Financial Remedy Consent Order.  In certain circumstances the court can decide and impose an order for child maintenance where the children are in education after secondary education, have special needs or there is a top-up order as the paying parent is a high earner.

School Fees Order

A School Fees Order can be agreed upon and included in a Financial Remedy Consent Order or decided by the courts if an application is made to the court.

Pension Sharing Order

Pension Sharing Orders divide rights under a pension scheme so that each spouse has their own independent rights under that scheme or under two separate schemes. 

A Pension Expert can be instructed to advise what an appropriate split is. We provide the recommendation to our clients, following the Pension Advisory Group guidelines that where combined defined benefit pension Cash Equivalent Values exceed £100,000 or there are other special considerations, specialist advice with a Pension Expert Report on valuation and division is needed.

Clean Break Order

An order which confirms that both parties have ended all financial ties to each other. This also prevents either party from bringing a claim for further financial provision in the future unless there has been a failure to disclose, duress or mistake.

Consent Order and Statement of Information

The Consent Order, also known as a Financial Remedy Consent Order, is an order that records the financial agreement between both parties rather than decided and imposed by the Court. Parties may agree without issuing proceedings or during court proceedings.

All of the different types of Order are recorded in the Financial Remedy Consent Order. Where a Financial Remedy Consent Order is reached, this must be sent to the court with a Statement of Information which is an overview of the finances of the divorcing couple before the order and after the order is implemented. The Statement of Information enables the court to consider if the order is fair or whether there are concerns which will lead to the court asking questions about the Financial Remedy Consent Order.

Agreements and Undertakings

In addition to the orders, the Financial Remedy Consent Order is likely to include agreements and undertakings in the Order. An agreement sets out the intention of the former spouses and is not enforceable like an order. An undertaking is an enforceable promise to do something. An undertaking will have a warning that both former spouses will sign acknowledging the enforceability of the undertaking.

Support from the Family Team

We understand that separation and divorce can be incredibly difficult experience. You have many decisions to make at a time when you are not at your best. 

We in the Family Team, provide, with kindness and care, legal advice, planning and strategy, practical support with clear Next Steps and referral to other professionals for emotional support, taxation, valuations, financial and pension advice. We tailor our approach based on your individual needs. 

You are important to us.  The Family Team work with you, in a clear, open, honest and empathetic way to help you achieve a “Good Divorce”

For further information please get in touch with a member of the SRB Family Law team in Teddington and Twickenham by telephone on 02088916141 or by email at familyteam@srb.co.uk to arrange an initial meeting.

An up to date will is essential for making the transition of your passing bearable for those around you. By amending your will through a codicil you can save your family and friends any potential disputes after your passing.

The importance of creating a will 

Despite it being the only way to make sure your wishes are carried out after your death, there is still a significant portion of our population in the UK without one. In the UK around 59% of adults don’t have a will and a total of 5.4 million are unaware of how to create one. The importance of creating a will is that you have the ability to control exactly where your possessions go. Creating a will is truly the only way to protect your estate in its entirety when you pass.

This is why we want to raise awareness and understanding of wills

By raising awareness we can impart our knowledge to some of those 5.4 million adults and strive to increase both awareness and understanding of the importance of a will. 

Specific amounts and items cannot be controlled unless documented by a will. For those with a will in place, the process is simple and lets you share the inheritance with family, friends or even those you wish to inherit some of your assets.

Those who die without a will leave their assets to the rules of intestacy. Intestacy is a complex process that leaves all possessions to only close family members and partners. 

Rules of intestacy complicate inheritance 

The worst-case scenario for those without a will starts the process of intestacy. This is a list of people who have no right to inherit without a will:

• Unmarried partners 
• Lesbian or gay partners (not in a civil partnership) 
• Carers 
• Close friends 
• Those related by marriage

By law, your assets cannot be passed onto these figures without a documented will. If you die with no surviving family members The Crown will claim your estate, this is known as a bona vacantia.

Other important benefits of having a will 

For those with kids or pets they love. A will gives you the choice to decide where you want them to go where you die. If your child is a minor you can nominate a guardian so you can have peace of mind when you pass that they are safe without you there. Similarly, you can name a beneficiary for your pet. In both circumstances, you can leave funds behind to aid them with the future care of your pet or child.

You can also support your favourite charities by leaving behind a monetary donation or passing belongings on too. This allows you to support your favourite causes even past your death.

Perhaps the biggest area that having a will affects is reducing any future family disputes. Your will is legally final and prevents disagreements about what assets are given to who.

Amending your will

Any time a major personal event occurs we recommend changing your will or considering doing so. A reliable timeframe is to have your will reviewed at least once every five years. 

Without amending your will through a codicil you could miss out on leaving significant portions of your estate or assets. Additionally, you may find who you wish to inherit your estate may change throughout your life. Therefore it is invaluable to keep your will updated through the use of a codicil.

What is a codicil?

If you already have a will then this is relevant to you. So what is a codicil? In simple terms, it is a document that allows you to alter the outcome of your will. Without having to create a whole new will, you can have a codicil made to supplement your original will. Without a codicil, a new will would have to be created in its entirety.

Why choose a codicil?

Codicils consequently are typically cheaper than having to write a new will. In spite of this, the document is still fully legally binding.

How we can help you create a will

You can speak to a member of our staff on 020 8891 6141. Through them, you can create your first will or change your current will.

You can find more information on our expert private client team, they have the specialist knowledge to give you the first-class legal service you need. Through their services, we aim to reduce your inheritance tax and present solutions to any concerns you have surrounding your will. So don’t hesitate to get in contact with SRB today.