There are a number of possible financial orders that the court can make on divorce. The most common types of orders are the following:
⋅ Maintenance orders, also called ‘periodical payments’ orders, requiring one spouse to pay maintenance to the other spouse. The maintenance may be for a fixed time, or until the receiving spouse should remarry.
⋅ Lump sum orders, requiring one spouse to pay a lump sum of money to the other spouse. The order will state by when the money should be paid.
⋅ Property adjustment orders, adjusting the ownership of property, for example transferring the former matrimonial home from the joint names of both parties into the sole name of one of the parties.
⋅ Orders for sale of property, for example ordering that the former matrimonial home should be sold. The court will also order what should happen to the net proceeds of sale of the property.
⋅ Pension sharing orders, ordering that all or part of one party’s pension should be transferred into a pension in the other party’s name.
Note that the court can also make a child maintenance order, where the maintenance is agreed. If the maintenance is not agreed then the parent with care of the children will have to make a child support maintenance application to the Child Maintenance Service.
If you would like any further advice about financial orders on divorce, or about what orders may be appropriate in your case, Family Law Café can help. To contact us click the Contact link above and fill in the form, or call us on 020 3904 0506.
Image: Pound coins, by J D Mack, licensed under CC BY 2.0.