The Importance of a Financial Order on Divorce
As Family Lawyers we frequently hear the same thing from divorcing clients in that they have agreed the financial aspects of the marriage so do not need advice or the expense of additional legal or court fees.
With the ever-increasing desire for a ‘quickie’ divorce most separating couples do not consider the consequences of not dealing with their financial situation properly and the importance of obtaining a Financial Order from the Court. Most are not aware that when going through divorce proceedings there is no automatic protection against future financial claims against them from the other party.
At Franklins Solicitors LLP we would always advise any divorcing party to consider their financial position carefully. Even if they believe they do not have any financial worth it is still very important to consider a Financial Order so as to protect them both from either party making any future financial claim against the other’s assets. We would also encourage negotiations to lead to an agreement by Consent, and for a Clean Break where appropriate, so as to avoid the need to go to Court.
There is a real risk of ex-spouses making a claim on the other ex-spouse’s assets or income after the divorce has been finalised and there is no time bar in making a claim meaning it could be as long as 20 years or more after the marriage has ended! The bottom line is that after divorce the financial claims between ex-spouses remain open until a Financial Order is made by the Court.
Negotiating and drafting a Financial Consent Order for the Court is a detailed and complex process. They need to be carefully considered so as to cover all aspects so as to ensure divorcing parties are properly protected from future claims and that any settlements are fair and properly documented. We would always recommend this is drafted by a Specialist Family Lawyer. Even if a person is already divorced they can still obtain a Financial Order in most situations and we would recommend legal advice is sought to discuss any individual aspects.
For an initial consultation or guidance on taking the next step in your separation or divorce please contact our family team to discuss your options on 01908 660966 or 01604 828282 for a confidential conversation on how we can help.