Divorce and Financial Settlement

moneytorques

I am currently going through a Divorce awaiting the conditional order period to lapse. 
I did want to apply much earlier however family court proceedings were the priority, the outcome was that I now am the Primary carer for our two Children aged 12 and 6 and we currently still reside in the family home.
The boys Mum resides some 200 miles away in a 2bed Council property having been rehoused in early 2023.

Since we separated in late 2022 I have spent 18 months on a financial repair job, I wont go into details, we have a joint mortgage but that is the only financial connection remaining, it is up to date in repayment and have just secured a lower interest rate with joint agreement.

For the sake of our children I wanted to ensure some financial stability existed around my being the Primary carer so was able to set up clearing debts and create a rainy day fund for the first time in 10 years.

When it comes to the Financial Order which I am hoping to do amicably, using a Mesher Order to hold the family home until the youngest is 18 yo, can I disclose the financial position of when we separated or is it the position as of the date the paperwork is filed?, this could have a substantial impact on the value of the Order.

AskAsk

i believe the financial order is based on your current financial position, which is why it is advisable for separating couples to do the financial split as soon as possible as otherwise the claim between them continues.

moneytorques

AskAsk said:

i believe the financial order is based on your current financial position, which is why it is advisable for separating couples to do the financial split as soon as possible as otherwise the claim between them continues.

Thank you @AskAsk that's the news I didn't want to hear but needed to hear.
It looks like a spending spree on our Children is now in Order and there Savings accounts will benefit.

AskAsk

moneytorques said:

AskAsk said:

i believe the financial order is based on your current financial position, which is why it is advisable for separating couples to do the financial split as soon as possible as otherwise the claim between them continues.

Thank you @AskAsk that's the news I didn't want to hear but needed to hear.
It looks like a spending spree on our Children is now in Order and there Savings accounts will benefit.

if you mean put money into the children's savings accounts so that it won't be taken into account for the financial agreement, then that won't work as the financial order also asks about assets that the children have.

I am just completing the D81 form now, which is the financial questionnaire that the court needs to be completed for the consent order application (the financial order) and on there it asks that you and your spouse disclose your assets at the date the form is completed together with your monthly income.  It also asks this for the children.

moneytorques

Right so that needs to be done after the Conditional Order is granted but before the Full Order of divorce is issued?
The health of my finances has been improved considerably since the ex left and ultimately I know that the children are the beneficiary of this (financially) not necessarily emotionally as no children truly would want there parents to separate.
We do have Loans outstanding but under repayment control so perhaps I should clear these and lose spare capital.

AskAsk

moneytorques said:

Right so that needs to be done after the Conditional Order is granted but before the Full Order of divorce is issued?
The health of my finances has been improved considerably since the ex left and ultimately I know that the children are the beneficiary of this (financially) not necessarily emotionally as no children truly would want there parents to separate.
We do have Loans outstanding but under repayment control so perhaps I should clear these and lose spare capital.

Yes, after the conditional order has been issued, you can apply for the consent order.  It takes a while for the consent order to be prepared, at least 6 weeks, if not more, so you should be thinking about who to instruct to draft the consent order and you should start to get all the information together for the consent order. 

Download form D81, that will give you an understanding of what you need to provide.  A CETV of your pension and your spouse, if either of you have defined benefit occupational pension, can take up to 3 months to issue (horror) and this is required for D81 form.  That is the financial disclosure form that needs to be completed and sent with the draft consent order to the court for approval.


We only found out today how long it takes to get the CETV (horror)

I would pay the loans off as there is little point in hogging cash when you have debt accruing interest.  It will also simplify the financial settlement.