This is one of the most common questions I am asked.
Best practice is to have the order first and I will try to explain why.
Let’s take a typical example:
Mr and Mrs Williams are getting a divorce. They’ve been separated for a while and they’ve agreed that Mr Williams will stay in the family home and buy out his wife. He has been to a financial adviser and applied for a mortgage. The value of the house and the amount he is paying to his wife has been agreed.
All is going to plan and the couple are reasonably amicable. They both want to draw a line under their finances after the transaction has completed and they know that the best way to do this is to have a consent order in which there will be “clean break” clauses.
This type of order means that there can be no further claims for more money or property between each of them in the future, even after either of them dies.
But, in order to obtain the order, not only do Mr and Mrs Williams have to agree to the terms, the District Judge has to agree that the terms are fair to them both as well.
Read moreAll I want is a clean break. Can we transfer the house first?