financial asset division

Divorce Financials – Who Gets What?

A Decree Absolute will bring your marriage to a legal end. However, it will not end the financial tie between yourself and your former spouse. A decision will need to be made as to what will happen to the family home, bank accounts, possessions, pensions and other assets.  Following a divorce, getting back in control of handling your finances as soon as possible will assist with the process of moving forward in your life. Whether the relationship breakdown is your choice or not it gives rise to many different emotions; anger, relief, sadness, frustration to name a few. These emotions invariably change as you travel through your journey. That is why it is important to obtain advice from a lawyer who not only understands but will provide honest advice.

To sever all financial ties between yourself and your former spouse you will need to apply to the court for a Financial Order. This will make any financial settlement legally binding. It is important the settlement becomes legally binding to prevent any action being taken in the future. Action can be made by either yourself or your former spouse. Many people assume that if they do not have any assets at the time of the divorce, there is no point in obtaining a Financial Order. It is wrong to assume this, because there is always the possibility that you or your spouse may come into some money in the future. If this is the case, your former spouse is within their legal rights to make a financial claim against you.

There are two ways in which you can obtain a Financial Order; either by agreement or with the assistance of the court.

It is advisable wherever possible to try and reach a resolution without the need for a judge’s intervention. However, if you reach an agreement with your former spouse in relation to the split of all marital assets, the Court will still need to be involved albeit as a paperwork exercise by way of a Consent Order. Once an Order is sealed by the Court, it brings the financial claims to an end. This is far more cost effective and usually faster.

The court process where an agreement cannot be reached is set out in our blog “Finances – The Court Process”

Sarah Watson is a solicitor with over 10 years of experience. She is different to other lawyers, she genuinely cares about the outcome of your case. She will guide you and support you in any way she can.

If you would like assistance in negotiating a financial settlement with your former spouse or require assistance in terminating your former spouse’s rights to make a claim in the future, please contact one of our friendly team at Watson Legal either by calling 01279 466910 to book your free 30 minute consultation with Sarah or email info@watson-legal.com.

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