Partner, Family Law
A 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.
We're rated‘Excellent’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.
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.
Many couples have had to change their plans to ‘tie the knot’ as COVID-19 continued to spread amongst the world, but with most people now fully vaccinated, together with the Governments plans not to change any existing restrictions, a lot of people seem set to go ahead with their special day.
Yes, you will need to provide full financial disclosure of all your assets in divorce. And that means even assets you consider to be just yours, for example if you own your own business.
There’s no denying that divorce proceedings are emotionally difficult, and they can be made even more complicated when overseas assets are involved.
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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