Can you change a Financial Order?
If you are divorced or intend to divorce, you may already be aware of the importance of a financial order.
A financial order is a legally binding document that formalises the specifics of an agreement reached between a couple in relation to their finances following a divorce or the dissolution of a civil partnership. It details how your financial assets are to be divided, such as your money, property, investments, pensions and savings. It can also set out any payments for spousal maintenance.
We strongly recommend that you seek expert legal advice before agreeing to the terms of your settlement.
In standard practice, one of the spouse’s solicitors prepares the initial draft financial order. During this stage, if either spouse wishes to amend the terms, this can be requested. The key element is the wording of the financial order needs to be agreed between the couple before it is signed and submitted to the court.
It must be understood that once a financial order has been issued, you have no legal right to change the terms of the settlement and you would need your partner’s agreement if you needed to vary the terms of your agreement.
However, we understand that circumstances can change, and you may find that the terms of the original agreement in the financial order are no longer suitable. There are very limited circumstances where it may be possible to challenge or set aside a financial order:
One or both parties failed to provide full and accurate financial disclosure
There is evidence of fraud or mistake
There is evidence of incapacity or duress
There has been a change in circumstances which invalidates the basis of the order
It is important for legal advice to be obtained as soon as possible if any variations to the financial order are required, as it will necessitate further legal action to reflect the circumstances and reach an amicable agreement.
There are different processes to pursue depending on how you wish to vary the financial order, but ultimately transparency in disclosure is vital.
Our Family Law Department can help bring clarity and assist you in reaching an agreement. Please contact the team at 01202 842929 or family@mjplaw.co.uk who will gladly assist.
