How Do You Protect Yourself Financially in a Divorce?
Divorce can be an emotional time, and having to deal with finances can make the process even more stressful. While doing the divorce yourself may reduce the initial financial impact, you might end up paying out more in the long term if it isn’t done properly.
So it’s important to think realistically about your future finances. We can help you and your former partner come to a financial agreement to make sure you’re protected in the years to come. And for now, here are a few things you should do:
Speak to Your Partner
It’s important that you express any financial concerns you have to your partner. Even if things didn’t end on good terms, coming to a financial agreement will save you having to pay for someone to help resolve the conflict between you.
Often the longer a marriage is, the more assets you share. So things can get very complicated when dividing everything up, in particular with complex assets such as pensions or investments, which may need expert input. Hopefully your partner will understand this. It’s important to remember that there are two people involved in every divorce, and more if you have children.
So being open to communicating with your partner will make the entire divorce process quicker and cheaper.
Be Honest About What You Own
It’s important that you disclose all your assets in divorce. This means being open about everything you own and encouraging your former partner to do the same, as this is the only way to divide all of your assets fairly.
One risk of a DIY divorce is that it’s much easier for your former partner to hide away any assets that they don’t want to share. With our input, we can make sure you can avoid this.
When you get legal advice in a divorce, we can advise you on exactly what you’re entitled to. Our Divorce Lawyers have years of experience so we know what to look out for, especially if you’re worried your ex isn’t being honest with you.
Get a Financial Order
A Financial Order is a Court Order that sets out who gets what in a divorce.
Even if you and your partner agree on how things should be shared, a Financial Order makes your agreement legally binding. This means your partner, or anyone else in their life, can’t claim for any of your assets later down the line, including any claims against your Estate.
There are many different types of Financial Orders, such as:
- Consent Order
- Pension Sharing or Attachment Order
- Clean Break Order
- Maintenance Order
- Property Adjustment Order
- Lump Sum Order
- Variation of Settlement Order
Each of these have their own benefits so speaking to a Divorce Solicitor could make sure you come to the right agreement with your ex and get the clean break you deserve.
We offer a Fixed Fee Divorce and a Fixed Fee Consent Order, so you’ll know exactly how much you’ll pay to finalise any financial arrangements you make. Get in touch with one of our Divorce Solicitors to discuss your options.