Finances in Divorce
Going through a divorce is hard enough without worrying about what will happen to your assets and finances.
However, it’s essential that you deal with the financial issues following a divorce.
Obtaining a legally binding court order is the only way to move on with your life with peace of mind.
Dealing with your finances will prevent the possibility of future claims being made against you.
How to reach a fair financial settlement?
Whether you are trying to protect your wealth or achieve a fair financial settlement, it’s essential that you receive professional legal advice, which our in-house family law solicitors can help you with.
The reason why reaching a financial settlement is so important is because the act of divorce itself does not sever the financial relationship between a husband and wife.
To end the financial relationship following a divorce, you must put your financial agreement into a legally binding court order, most commonly known as a consent order, but there are other forms of agreements that you can obtain.
To obtain a court order for your finances, you need to have a solicitor draft the legal paperwork where the agreement you’ve reached is clearly documented and presented to a Judge to rule on.
If you can’t come to an agreement on how assets, money and property, for example, should be split, then you can try these methods:
- Your solicitor can negotiate with your partner for you to get to an agreement
- Mediation
- Collaborative Law
- Go to Court
It’s not just your finances that you need to consider. If you have pensions or property, these both must be considered as part of your financial agreement.
Consent Orders in Divorce
This is where a lot of people become unstuck or confused when dealing with their finances.
There are so many different names for essentially the same thing.
A consent order is a legal document that is processed through the courts to sever the financial relationship. It’s a complicated topic, so read our article below.
What Is a Clean Break Order?
A clean break order is primarily for couples that have no money or assets to divide.
Even if you have no assets to divide a court order of this nature is required to prevent any future claims.
You need to understand which type of financial order you need based on your circumstances, which our article below will help you do.