7 Aug 2019
In the first of an occasional series entitled A Day In The Life, we talk to Nina Rawlings, who tells us about her role as a paralegal.Read more
A financial order is made by the court when two parties reach an agreement regarding their finances. If parties cannot agree, a Judge can impose and make orders following a final hearing at court.
The following provisions are typically included in court orders:
"When financial orders are made, it is important that both parties understand what is required of them, including being aware of when monies need to be paid, and for spousal maintenance, how much is paid and for how long."
Jonathan Casey, solicitor
In any financial order, there are usually periods of time included to ensure that one party does what they are supposed to do. For example, if a property is being transferred to a husband, and to transfer that property the husband is paying his wife a lump sum, an order may say that the property should be transferred within 28 days, with the lump sum being paid simultaneously on completion of the transfer.
Another order may simply include a lump sum payment, due to be paid within 28 days from the date the order was made. Orders of this nature also include provisions for late payments, and provisions for interest, if the payment of a lump sum is delayed.
Such provisions also ensure that payments are made on time, so that one party is not left in limbo once orders are made.
Practically, orders can be made so that the parties can comply with them, and if parties agree a period for certain payments to be made, there are no surprises in relation to when they become due.
The court can often make orders for one party to pay spousal maintenance to another. Maintenance is usually for a specified term, and payments are made every month. This may be for a number of years, until there is a terminating event, which can be the end of the term or if the payee remarries. Maintenance can also be capitalised, and a lump sum can be negotiated.
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