Do I Need a Financial Order if I Have no Assets?

Posted on: 2 mins read
Lorraine Harvey Profile Picture
Lorraine Harvey

Partner, Family Law

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financial order is a legally binding document which outlines how matrimonial assets will be divided following a divorce.

A lot of people think that if they don’t have much to split between them, they won’t need a financial order when they divorce. But a financial order does much more than just stating who gets what when you separate, and can still be really important, even if there aren’t any assets involved.

In this article, we’ve answered some of the most commonly asked questions around financial orders for couples who are separating with limited assets. For more information that is tailored to your situation, get in touch with our expert Family and Divorce Lawyers.

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How Could a Financial Order Help me in the Long-Term?

One of the most important aspects of a financial order is that it dismisses future claims from being made by your ex.

Until claims arising from the marriage have been officially ended by an order, they will remain in place and can still be pursued long into the future. This means that if your financial circumstances improve – either through a promotion, receiving inheritance, or winning the lottery – your ex could try and seek a share of this money.

In England and Wales, it is only a financial order that can give you full protection from claims being pursued by your ex in the future. A divorce will end your marriage, but it will not protect any future wealth or assets you acquire.

Which Financial Order is Right for me?

If you and your ex don’t have any assets to split between you, a Clean Break order will dismiss both your rights to request further financial provision from each other in the future. This order will remain in place until after death and will prevent any claims being made against your estate that could cause problems for your loved ones.

Will I Need to use a Solicitor?

An experienced Divorce Solicitor will be able to put your financial order into writing and submit it to the Court on your behalf. By using a Solicitor, you’ll have peace of mind that the order will be worded correctly so that there will be no potential for claims to be made against you later on.

Having a simple financial order drafted or checked does not have to be a lengthy or expensive process, but it can be invaluable in terms of saving you money in the future.

If you aren’t sure if you need a financial order or you would like to understand your legal position in more detail, our specialist Family and Divorce Lawyers can help. Get in touch today for initial advice.

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