No fault divorce – financial settlements
As you may recall, the law on getting divorced changed in April 2022. The new no fault divorce system now allows parties to either arrange their divorce individually or between themselves. Although this may work for some, we are finding that many are forgetting that the Final Order of their divorce does not mean that their financial ties with their former spouse are dissolved. There is still a need to settle your finances to ensure that your obligations to each other are dismissed and that no financial claims can be made against each other, either in life or upon the death of the other.
Even with a ‘straightforward’ divorce, settling finances is rarely a simple task. There are many factors to consider, such as your pension, the family home and housing market, business interests or any other investments or savings you have. It is important that these are considered at the time of the divorce as the economy is ever changing and you may end up in a worse position if this is not resolved.
As part of your settlement, you are still required to provide full and frank disclosure to each other of your financial circumstance and should inform each other of any changes during the process. You should commence negotiations or mediation, if so required, to settle on a split that works best for you and is fair to both parties, accounting for any children and other matters such as disabilities, by way of example.
It is best practice to settle your finances before the Final Order of divorce is obtained and apply to the court for a financial Consent Order to make your agreement legally binding. Whilst you are able to draft and apply for the financial Consent Order yourself, it is a worthwhile investment to instruct a family solicitor and seek legal advice. This will ensure a timely and amicable clean break which will put you in the best position for your future.
Please do not hesitate to contact one of our family law specialists who maybe able to assist and provide you with piece of mind.< < back to latest news
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