There are essentially two reasons why an order setting out any financial/property settlement is required: finality and enforceability. It is only when an order is made (and the divorce is finalised – the order doesn’t take effect until then) that the settlement is final, so far as possible. For example, if it is a ‘clean-break ’ order (that is, with no ongoing liability or potential liability for one spouse to pay maintenance to the other), then the court will make an order dismissing all further financial/property claims by either party against the other or the other’s estate. Only when such an order is made can you be sure that your spouse cannot make any further financial/property claim against you.
As to enforceability, any settlement is worthless if the other party refuses to give effect to it, even if it is agreed. The only way that you can enforce it (see the end of this chapter) is to have it incorporated into an order, and enforcing the order. The order will specify time limits for implementing the settlement, for example a time limit by which a lump sum should be paid – if that time limit is not met, then you can ask the court to enforce the order.
The other thing to mention here is the ‘remarriage trap’. This refers to the rule that if you remarry then you cannot make a financial/property claim in respect of your previous marriage. If you have made such a claim, then remarriage doesn’t prevent you from proceeding with that claim. The remarriage trap should only concern you if you are the respondent in undefended divorce proceedings, as any claim made in a divorce petition or answer counts. The simplest rule, though, is not to remarry until a financial/property (ancillary relief ) order has been made, unless you take legal advice.