Did you know that even after a divorce, you and your ex-spouse will still be financially linked unless you have obtained a separate financial order?
If you do not obtain a financial order then subject to re-marriage, your ex-spouse will still have a claim over your finances and vice versa. This includes claims over any property you own, savings, investments and your pensions, even after death.
What is a financial order?
A financial order is a â€œtype of Court Order which details how you and your ex-spouse will deal with your finances upon divorce.â€ Financial orders can be straightforward and less expensive if both parties agree on how to split any assets. This will be detailed in a consent order to be approved by the court and made legally binding.
Itâ€™s important to take legal advice when going through the divorce process to ensure that you protect your financial interests and ensure that any agreed split of finances is a fair one for you and your children. Where practical, it is always best to seek a â€˜clean breakâ€™ in order to sever any financial links between you and your ex-spouse.
Will I have to go to court?
It is often the case that financial settlements can be negotiated and agreed upon without having to go to court. Even if it seems that there are limited assets to split, you never know what will happen to your future financial circumstances. If, for example, you stand to inherit wealth after the divorce, a future claim could still be brought by your ex-spouse.
Where should I begin?
If you are currently going through a divorce and are looking for advice on obtaining a financial order, then we can help. We have offices in Plymouth, Tavistock, Torpoint and Kingsbridge so why not contact your local branch for advice on divorce.