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Protecting your post-divorce finances

Getting divorced, even amicably, is always an emotional experience.

But it’s sometimes easy to forget, especially when you are both determinedly trying to remain civil and considerate to each other’s feelings, that though the Decree Absolute legally ends your marriage, it doesn’t sever the financial ties between you.

Undefended doesn’t have to mean unprotected

Many divorces are undefended, meaning both partners agree to it. Many separating couples are also able to agree the financial aspects of their separation – including property, money and other assets – between themselves without taking legal advice.

But unless you have a final financial order called a Consent Order formalised by the court in place, your ex can make a claim on your financial assets at any point in the future, even if you accrued those assets after you split.

This could affect:

  • Any inheritance you receive in the future;
  • Any new found wealth, for example setting up a successful business venture;
  • Any pensions you have.

How to avoid a post-divorce financial claim

A Consent Order, approved by a judge, formalises your financial agreement and can prevent your ex from making any future financial claim against you. The Consent Order can include an order for ongoing maintenance where appropriate. If the Consent Order ends all claims for maintenance, it is also known as a Clean Break Order.

Head before heart

Even if you are currently on fantastic terms with your ex, there’s no guarantee that this will remain the case, especially if one of you does well financially and the other doesn’t. That’s why, for security purposes and peace of mind, a court order is a good idea.

Here at Wards Solicitors we offer:

For more help and information, please contact Wards Solicitors’ Family Law and Divorce Team.

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