Divorce is never easy. As well as the emotional impact, there is also the practical matter of separating your finances. While the divorce dissolves the marriage contract, it does not sever all of the financial ties between you. One of the key questions many people ask is whether they need a financial order when getting a divorce in the UK. The short answer? Yes. While not a legal requirement, it is highly recommended that you consider resolving the finances when you divorce.
What is a financial order?
A financial order is an order made by the court that outlines how you and your ex-partner will divide your finances after divorce or civil partnership dissolution. It can cover a range of financial matters including property, pensions, savings and investments and maintenance payments, including payments for children.
If you and your ex agree on how you want to divide your finances, the agreement can be put into a consent order which is submitted to the Court for approval by a Judge. If you can’t agree, you can make an application to the Court and a Judge will make a decision for you after a series of hearings at Court.
Why is a financial order important?
Even if your separation is amicable and you have agreed everything, a financial order is highly recommended to provide clarity and security. Without a financial order, your ex could make a financial claim against you in the future – even years after the divorce is finalised. Even after a divorce, the “door” to make financial claims against each other remains open unless you have a financial order. The only way to close and lock the door is to have a financial order in place.
For legal advice and to check what you might need for a financial order, contact Batt Broadbent today.