Can We Divide Assets before Divorce is Issued?
You can divide assets before your divorce is issued but you should consider getting a Separation Agreement to set out any financial arrangements you make before getting a divorce in England or Wales.
It’s important to remember that if any financial issues come up in the future, the Court will only consider what assets you both have from the date that you begin the divorce process, not from the date that you and your ex made your Separation Agreement. But it’s a good option for you if you’re not looking to issue divorce proceedings just yet.
Our Divorce Solicitors understand that finances can be a difficult topic in divorce or separation. But we can help you divide your assets when separating so that both you and your ex know where you stand now and if you decide to divorce further down the line.
We can put your mind at ease so that your finances won’t be something you’ll have to worry about when separating.
For free initial legal advice get in touch with our Divorce Solicitors.
How are Assets Divided in Divorce?
This will depend on what assets you and your partner have at the time you choose to separate. When you divide assets you’ll need to think about:
- The family home and any other properties you own
- Any savings you have both been putting into
- Child maintenance payments – if one of you is going to be taking care of the children more than the other
- Spousal maintenance
It’s easy when making agreements informally to forget about things like pensions, which may seem a long way away. But if one of you stayed at home with the kids while the other went to work then there might be a significant difference between your pensions, so it’s important that you protect your assets whilst also dividing them fairly.
A Separation Agreement won’t be able to cover your future assets, such as pensions. But it is a good short term solution as it sets out how you will divide your assets in the near future and until you divorce.
To protect your future assets you’ll need a Consent Order, which is legally binding. But you can only apply for a Consent Order if your divorce is already underway. While this may not be an option for you now, it could come in handy if you and your ex decide to go through with a divorce in the future.
Our Fixed Fee Consent Order option means that we can do all the hard work for you, put your financial agreements in writing and lodge your Consent Order with the Court.
If you’re putting your divorce off for financial reasons, our Fixed Fee Divorce service allows you to know exactly how much your divorce will cost.
How Do I Protect my Assets in Separation?
A Separation Agreement can protect your assets before you and your ex divorce because even though it’s not legally binding it will act as a contract between you and your ex. And so if one of you breaks the agreement, the other could take the matter to Court.
And if you eventually decide to divorce, then a breach of your Separation Agreement won’t look too good to the Court if you were hoping to turn your Separation Agreement into a Consent Order when the divorce is finalised.
It might also be a good idea to close any joint bank accounts and open separate accounts, so that there aren’t any disagreements about whose spending whose money. Dividing assets in separation should be a similar process to dividing assets if you were to divorce. This will make it even easier to have a clean break if you eventually decide to dissolve the marriage fully with a divorce.
Speak to a Divorce Solicitor
Protecting your assets in separation and divorce will always depend on your individual situation. Speaking to a Divorce Solicitor will help you make sure no stone is left unturned when sharing finances in separation or divorce.
One of our Divorce Solicitors will work with you to make sure you won’t have to worry about your finances when separating and we can help you turn your Separation Agreement into a Consent Order if you decide to divorce.
We understand that everyone’s financial situation is different, and we will always tailor our services to your needs.
For initial legal advice call our Family Law and Divorce Solicitors
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