Divorces are a difficult time for everyone involved, but things can get even tougher when it comes to assets and financial arguments.
If you don’t have an amicable relationship with your partner when going through a divorce, important discussions can become particularly tense. One subject that is often hard to tackle – especially with an ex-partner who is not cooperative – is individual assets.
When a divorce reaches the point where assets are in dispute, a freezing order is the best option to ensure that you are protected. As a tool, freezing orders are commonly used in the family law sector.
We’re going to be breaking down what exactly a freezing order is, when they are necessary and what assets can be frozen.
What is a freezing order?
A freezing order in divorce is an injunction that can be obtained from the courts to protect assets. These orders stop certain individuals from moving or accessing particular assets.
Assets can’t be touched by the person who the freezing order is taken against, meaning that they cannot dispose of assets either.
The primary reason for setting up a freezing order is to ensure that finances and assets are divided fairly during a divorce or the dissolution of a civil partnership.
If a couple cannot agree on their assets or one party is not being transparent, then a freezing order might be the only way forward.
When is a freezing order necessary?
A freezing order becomes necessary when one party is attempting to hide, dispose of or transfer assets to avoid a fair and mutually agreed upon settlement.
An example of an action that would require a freezing order in divorce would be one party attempting to sell joint-owned property without mutual consent. Another example would be an individual trying to transfer shared assets abroad and out of the local jurisdiction area.
What assets can be frozen during a divorce?
Several assets can be frozen in the process of a divorce. This includes financial assets, personal items and investments. Here are just a few of the assets that are eligible to be frozen:
- Personal bank accounts
- Joint bank accounts
- Savings accounts
- Family houses
- Overseas real estates
- Public or private shares
- Bonds
- Stocks
- Trust funds
- Mutual funds
- Vehicles such as cars and aircraft
- Collectibles, like coins or watches
- Luxurious personal items, such as antiques and jewellery
Who can apply for a freezing order?
Although it is commonly one of the individuals directly involved with the divorce who applies for a freezing order, other parties can do so. This can include the following:
- Cohabitants: This refers to couples that are not married but who live together. In certain cases, these kinds of cohabiting couples can apply for a freezing order.
- Creditors: Those owed money can sometimes apply for a freezing order. This can come to be if a creditor fears that the individual in question is trying to get rid of an asset that rightfully belongs to them.
- Children: This is a rare occurrence, but in some situations, a child can apply for a freezing order in divorce. This is usually done through a legal representative, and the most common reason for doing so is to protect a future inheritance.
How to apply for a freezing order in divorce
If you are going through a divorce and are thinking of applying for a freezing order, ensure that your prepared claim is valid and completely legal.
The courts need a significant amount of concrete evidence to grant a freezing order. If you plan to apply for one, make sure that you have as much strong proof as you can gather. This can include sales records or bank statements that show transfers of assets or significant withdrawals. The proof provided needs to prove that the risk from the other party is palpable.
Once this is done, contact a solicitor–such as those at Osbourne Pinner– to discuss the matter further. You can then create an application to the courts with the help of your solicitor.
The application should include a claim form with all the details along with an application notice, a draft of the order, and a sworn statement.
Legal assistance with a divorce freezing order
Applying for a freezing order can be a very trying time for someone going through a divorce. To make things easier, it’s important to get the best help possible. At these times, you need a local divorce solicitor, like Osbourne Pinner.
We have plenty of experience in situations relating to family law matters and fixed fee divorce. One of our experienced team members will be happy to help you through the process of drafting and submitting a freezing order to the courts to alleviate some of your stress.
For more information, give the team a call on 020 3983 5080 or email [email protected] for a free discussion regarding any divorce or family law issues, including matters related to freezing orders. You can also fill out the form below and a member of the team will get back to you as soon as possible.
