The Court has now devised a simple and easy way to for you to deal with your divorce online, however I often come across clients who do not realise that this does not deal with the financial aspects of your divorce within this process. The only way of deal with finances is by way of a Financial Remedy Order sealed by the Court which if done by agreement is often referred to as a “Consent Order”.
Financial matters are important to finalise as if you do not and you simply just obtain a divorce, your claims on each others assets still remain open. This means that if you purchase a home, set up a business, or receive inheritance, your ex-spouse can still have a claim on this, and this also includes your pension.
This is even several years after divorce. In the well known case of Vince and Wyatt who were a married couple with very minimal assets at the time of the marriage, the parties obtained a divorce however they did not deal with the marital finances. Fast forward to 31 years later, and the ex-wife was able to make a claim on the husband’s multi-million business. This case just goes to show that even in such cases where there had been no assets at the time it is worth having a Consent Order as it is never possible to predict what the future will bring.
If you are thinking about getting a divorce or you are divorced and have not formally dealt with your financial aspects; please get in contact with the Family Team at Newnham and Jordan on 012021 877400 or family@newnham-jordan.co.uk.
