Clean Break Financial Order: Everything you need to know
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In the UK, when a couple decides to divorce or dissolve their civil partnership, one of the crucial aspects that must be addressed is the division of their financial assets and liabilities. This process can often be complex and emotionally challenging, as both parties strive to achieve a fair and equitable resolution. One option available to divorcing couples seeking a clean and final financial separation is a Clean Break Financial Order.
The primary objective of a Clean Break Financial Order is to provide certainty and finality in financial matters. It offers both parties the opportunity to start afresh without the burden of ongoing financial obligations. By obtaining a clean break order, individuals can safeguard their financial independence and protect their future financial interests.
If you are in need of an experienced family law solicitor to assist you with applying for a clean break financial order, then please get in touch with Expert Family Law today. We can put you in touch with a legal professional that is the most appropriate for your case.
What is a clean break financial order?
A Clean Break Financial Order is a type of financial order that is legally binding for all parties involved. This final order (previously known as decree absolute) ensures a complete and definitive separation of the financial interests of the parties involved. It allows couples to sever their financial ties, enabling them to move forward independently without any ongoing financial obligations towards each other and achieve a clean break.
When obtaining a Clean Break Financial Order, couples must consider all their joint financial assets. This includes property, savings, investments, pensions, and debts. This court order outlines how these assets should be divided. This helps to ensure a fair and reasonable distribution based on the couple’s circumstances and the needs of any dependent children.
Obtaining a clean break financial order involves going through the legal process, which provides legal protection and enforcement mechanisms. If either party fails to comply with the terms of the order, the affected party can seek legal remedies to enforce it. This could include seizing assets or seeking court intervention. This legal protection adds an additional layer of security and ensures that the financial settlement is upheld.
What happens if you do not have a clean break financial order?
If you do not have a Clean Break Order in place after a divorce or dissolution of a civil partnership in the UK, it means that your financial ties with your former spouse or partner may not be legally severed. This can have several implications:
- Ongoing Financial Claims: Without a Clean Break Financial Order, either party can potentially make financial claims against the other in the future. This means that even after the divorce or dissolution is finalised, your former spouse or partner may have the right to seek financial support or a share of your assets. This can lead to continued financial uncertainty and potential disputes down the line.
- Inheritance: In the absence of a Clean Break Order, your former spouse or partner may still have a claim on your estate upon your death. This can affect the distribution of your assets and may not align with your intended beneficiaries.
- Financial Freedom: Without a clean break clause, your financial affairs may remain intertwined with your former spouse or partner. This can limit your ability to make independent financial decisions and hinder your ability to move forward and establish financial stability.
- Future Financial Obligations: The lack of a Clean Break Order can leave you vulnerable to potential future financial claims. This could include claims for spousal maintenance or sharing of assets acquired after the divorce or dissolution. This can make it difficult for you to plan for your future and create a sense of finality in your financial matters.
How long does it take to get a clean break financial order in the UK?
The timeframe for obtaining a clean break order in the UK can vary depending on various factors. These factors may include the complexity of the case and the cooperation of both parties.
In straightforward cases where both parties agree on the financial settlement, it is possible to obtain a clean break financial order relatively quickly. This could take several months to be approved by the court, typically around three to six months. Although, it can be longer or shorter depending on the specific circumstances.
The process can take longer if the case involves complex financial assets, disagreements, or disputes. These can include the division of property or financial arrangements. It may involve negotiations, mediation, or even court hearings, which can significantly extend the timeframe. In such cases, it is not uncommon for the process to take a year or more to reach a resolution and obtain a clean break financial order.
It is important to seek legal advice from a qualified family law solicitor who can guide you through the process. They can provide you with a more accurate estimate based on your individual circumstances.
How can Expert Family Law assist?
If you are seeking legal advice regarding a clean break consent order in a divorce or separation, then our team at Expert Family Law are happy to assist. We work with a range of experienced firms across the country to provide our clients with the most appropriate legal professional for their case.
We ensure that the divorce solicitors on our panel have the skills and experience required to assist in your legal case. We can assure you that your financial agreement will be dealt with in a compassionate and understanding manner.
Each solicitor we work with is authorised and regulated by the Solicitors Regulation Authority (SRA).
Get in touch today using the form at the top of the page to find out if a divorce solicitor from our panel could help with your case.
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