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What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.


Do you need help sorting out a fair financial settlement?

Our consultant service offers expert advice and support to help you reach agreement on a fair financial settlement quickly, and for less than a quarter of the cost of using a traditional high street solicitor.


Consent Order - am I being naive?

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06 Mar 12 #316358 by Action
Topic started by Action
My STBX and I appear to have reached a financial settlement. We have attended five mediation sessions but the final agreement was made between ourselves this last week, vaguely based on one option raised at Mediation with a bit of tweeking. It is a compromise for both of us and, naturally, goes against the advice of each of our solicitors. I really do not feel willing to risk the huge sums of money involved in fighting for what could be very little gain. I just want to get on with my life. The settlement is therefore a compromise for each of us but I guess that''s the way it usually is.

I have written to my solicitor with all the financial stuff filled in on Form D81. I emailed the Mediator to cancel our appointment this week but have just had the following response:

... without the completed and signed Open Financial
Statement and Memorandum of Understanding, you might be rather further off sorting the Consent Order than you thought you were...

Will the Court need to see these documents completed or is it sufficient for us to say that we have each taken legal advise and understand the risks etc.?

I have been feeling so relieved at being one step closer to my new life and this just feels like another obstacle. I hope someone can reassure me!

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06 Mar 12 #316363 by .Charles
Reply from .Charles
You can reach a settlement based upon what each party has disclosed to the other. If one person is less than truthful, the agreement becomes unsafe. An an example, if your spouse won the lottery and did not tell you, would you be happy entering into the proposed agreement?

The point of the open financial statement is for each party to summarise their financial position and disclose this in an open document which can be relied upon by the court if need be.

The memorandum of understanding documents the agreement and tries to avoid any pitfalls that can occur when people make their own agreement.

Once these formalities have been undertaken, the next step is to have an order drawn up by a solicitor and submitted to the court for approval.

However, if you have an amicable relationship with your spouse, there is nothing to stop you from going to your solicitor with the information you currently possess and have the agreement turned into a Consent Order. It may take a little more time than going through the mediator but it might cost less in the long run.

Once thing to bear in mind is that even when the parties are in agreement at mediation, this is not legally binding until the court makes an order. If you are in agreement now, strike whilst the iron is hot before the wind changes..

Charles

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06 Mar 12 #316379 by Action
Reply from Action
Thank you Charles. I wouldn''t say that we have an amicable relationship but we''ve both had enough of fighting and paying legal bills.

The mediator had sent the part completed financial statements to our solicitors so I assume we can just complete them if necessary.

No doubt my solicitor will be in touch soon to tell me what I need to do. I''m at the stage that I just want it all settled. I was feeling so much better in myself yesterday and am now worried that it''s not as straight forward as I thought.

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06 Mar 12 #316380 by WhiteRose
Reply from WhiteRose
Hi Action,

You''ve hit the nail on the head - its where you both need to compromise to avoid the draining (financially & emotionally) battle through sols.

The end is in sight!

Good luck!!

WR x

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06 Mar 12 #316401 by Action
Reply from Action
Thank you for your reassurance WhiteRose. i do hope so. I can''t stand all these highs and lows. I just want a normal life again!

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06 Mar 12 #316450 by WhiteRose
Reply from WhiteRose
The day will come when the sun comes out and the weight is lifted from your shoulders.

And in time the horrors of the divorce are like a bad dream, slowly being forgotten.

And you''ll laugh and the spark in your eyes will return, and maybe you''ll feel a warm glow in your heart again.
:)

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