Tuesday, 25 Oct 2016

Securing your financial future on divorce

Securing your financial future on divorce

There is a common misunderstanding that a divorce automatically brings to an end any financial claims you and your spouse may have against each other.

What is a divorce?

A divorce ends the contract of marriage. The divorce itself does not extinguish your right to bring a financial claim. This can only be achieved by securing a financial order.

What is a financial order?

This is an order made within divorce proceedings dealing with the division of assets, including maintenance payments and splitting pensions. It deals with everything that you own, everything that your spouse owns and anything that you own jointly.

The importance of securing a final financial order within your divorce cannot be overstated, even if the assets are relatively modest and regardless as to whether there is a verbal agreement as to how those assets are to be divided.

 Such an order will provide certainty and prevent any claims in the future being made.

Securing an order…..

If you agree the terms, an order can be made by consent, usually without having to attend Court. If you cannot agree a financial settlement, you will need to ask the Court to decide.

If you would like further advice on this matter, and to arrange an introductory appointment with Skipton Solicitor and Family Law specialist Liz Hebden.

 

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