Why you should obtain a financial Order on divorce

Many people are now dealing with their divorce themselves and leaving it at that.  This is not a good idea.

You may agree a financial split and put that in place. However, this does not stop your ex making a further claim against you, at any time during your lifetime, or against your estate on death.

The only way to prevent this, is to obtain a Consent Order from the Court that sets out the financial agreement and also contains clauses that prevent any further claims against income, assets or pensions, known as the ‘clean break’ clauses.

You may feel you have nothing now, or you have sold what you believe to be your only asset, namely your home and divided the proceeds, and as such, there is no reason to pursue this.  If, however, in the future you inherit, win the lottery, or are successful in your business or investments, your ex can make a claim and be given a share, potentially 50%.  It could be 1-50+ years from now.  This has happened in many cases.  This does not just apply to assets, maintenance can also be sought, or a share of your pensions.

A family solicitor will advise what is a good settlement, based on your individual circumstances, not what ‘Mrs Brown down the road got’ and draft the documentation for you to obtain the Order.  

 Many people overlook the value of their ex’s pensions.  Often, they can be worth more than your home. You are entitled to a share of your ex’s pension if you are or were married. You can only claim this by having clauses in a Court Order transferring a percentage, and which is usually included in a ‘clean break’ Consent Order.  If you are te one with the better pension and don’t obtain a clean break order to protect yourself from future claims, your ex can claim against your pension, at any time, including many years after the divorce, potentially affecting your retirement income.

You may think you are saving money by not dealing but you could be accepting a settlement that is not in your best interests and/or you could lose a great deal more in the future if a claim is made against you.

We offer a discounted first meeting to discuss any family matter, including divorce, finances, children, and domestic violence.  Contact Michelle Ellis by calling 01449 553775 or email michelle@gudgeons-prentice.co.uk.