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Read our latest Financial Settlements guide (2021)

What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.

Can I pull out from financial order approved by ju

Lin325
Posted by
Junior Member

20 Mar 19 #506810 by Lin325

Topic started by Lin325

Hi, do you know if I can pull out from financial order we agreed yesterday at FDR and that the judge has approved? It was a standard form with hand written notes added to it and I signed it. Thank you.

Cheesestring
Elite Member

20 Mar 19 #506819 by Cheesestring

Reply from Cheesestring

Why would you like to pull out? What was in the financial order?

If you weren't happy with anything you shouldn't have signed it.

Are you represented or litigant in person?

If you're lip the judge usually does ask 'have you seeked legal advice?'

Lin325
Posted by
Junior Member

20 Mar 19 #506824 by Lin325

Reply from Lin325

I was litigant in person. Just feel I didn't express myself well in regards to my capital needs, forgot to mention a couple of things and I think that the judge was taking into account the opinion of my ex husband's barrister more in regards to property prices. But the result is ok, maybe not worth fighting.
Do you know if we get the Decree Absolute now but I get the cash lump settlement from him in the new tax year in April, I assume I wouldn't have to pay any tax on that?

Cheesestring
Elite Member

20 Mar 19 #506834 by Cheesestring

Reply from Cheesestring

If you're the respondent in divorce then you have to wait a certain time after Decree Nisi to apply for absolute. But the applicant can apply for absolute quicker.

Once the absolute is done then the financial order becomes legally binding.

New tax year is only a few weeks ago so hopefully not a long wait.

Lin325
Posted by
Junior Member

21 Mar 19 #506840 by Lin325

Reply from Lin325

Thanks, he is applying for absolute now. If we get the absolute now before the new tax year, but the lump sum settlement money (in cash, for capital and maintenance needs) will be transferred to me in the new tax year at the end of April, I assume it is not taxable, what do you think?

Cheesestring
Elite Member

21 Mar 19 #506841 by Cheesestring

Reply from Cheesestring

I'm not a tax expert sorry, I'm sure someone else will be along to give you more advice. Or speak to an accountant.

WYSPECIAL
Moderator

22 Mar 19 #506854 by WYSPECIAL

Reply from WYSPECIAL

Lin325 wrote:

Thanks, he is applying for absolute now. If we get the absolute now before the new tax year, but the lump sum settlement money (in cash, for capital and maintenance needs) will be transferred to me in the new tax year at the end of April, I assume it is not taxable, what do you think?

You won’t have to pay tax on it regardless of which tax year the transfer takes place.

Moderators: wikivorce team, rubytuesday, dukey, hadenoughnow, Tets, Shezi, Linda Sheridan, Forseti, Mitchum, WhiteRose, Lostboy67, WYSPECIAL, Bubblegum11

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