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Finances

Dealing with your finances in a divorce

It is imperative that you get financial advice during the divorce process to ensure that you maximise your assets and to ensure you are able to manage after the divorce.

You may need to get a new mortgage. Many lenders will not take maintenance or child support into account and this can cause huge problems for both parties as many cases end with one partner remaining on the mortgage of the matrimonial home for years after the asset has been transferred.

Varying an existing settlement

You have settled your divorce or separation and obtained an Order for your financial arrangements. This may not be the end of the matter.

Your circumstances may change over time and you may have to revisit any orders that have been issued or agreed, especially if they relate to maintenance.

This applies for both payer and receiver. Most non-clean break orders will have a clause allowing variation of the order within the timeframe set.

Making sure any agreement is carried out

In some cases people decide to ignore or delay any agreements reached and any orders made. Enforcement proceedings will be necessary to get the order effected.

Some of the common applications are:

Making the other side sign Documents

Usually the Court will give the other side time to sign but if they fail to do so the Judge can sign in their place, such as in the sale of a property.

Enforcing maintenance

Sometimes the other side will not pay maintenance and the receiving party will register the application in the Magistrate?s Court. The Magistrate's Court will deal with enforcement by summonsing the defaulter and making an Attachment of Earnings Order against their wages.

Charging Orders

This is an order against the other side's property or land after divorce against their debt which allows the property to be sold and the debt cleared if it is not dealt with in an agreed timeframe set by the court.

Of course there will be a continuing need for financial advice after the divorce as circumstances change and it is advisable to have a financial health check on a regular basis regardless of your circumstances.

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