Recording a financial settlement: Separation Agreements and Court Orders
When a financial settlement has been reached, it is strongly recommend that you formalise the agreement by way of Separation Agreement or Court Order to prevent either of your making future claims or failing to implement what was agreed. Our Family Solicitors have expertise in drafting and advising on financial agreements relevant to your circumstances.
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A Separation Agreement is entered into by cohabitees who have separated, or by spouses/civil partners who are not yet entering into divorce or dissolution proceedings but wish to regulate their separation.
A Separation Agreement will cover how you wish to deal with your financial affairs on separation. A Separation Agreement can also be used to set out any agreement relating to the children and future divorce proceedings if applicable.
Both of you will need to have independent legal advice on the content of the Agreement, and provide full details of their own financial circumstances.
At Rix & Kay we will ensure your Separation Agreement is drafted to ensure you consider all eventualities.
For spouses or civil partners, if a financial settlement cannot be agreed and is resolved through the Court, the outcome will be recorded within a Court Order. Where an agreement is reached outside the Court process, then a ‘Consent Order’ can be drawn up and sent to the Court – provided the Judge approves the Order, the settlement is recorded within a Court Order without the parties having to attend Court. An Order of the Court can only be obtained during or after divorce proceedings.
For unmarried couples, an Order will only be obtained if an application is made to the Court in relation to property or under Schedule 1 of the Children Act.