Protecting your finances
Those working overseas, particularly in the Armed Forces, may feel they will struggle to engage in legal matters. We often meet people who have managed to obtain the decree absolute (become divorced) but have failed to do anything about their finances.
They tend to that there may be no assets, or they do not need to worry about this as they have agreed with their ex-partner not to make a claim on pensions or property.
However, is important to be aware of your financial position, even when you have divorced or your civil partnership has been dissolved.
Increase in assets
If you come into any money, property or assets whether by way of inheritance, gifts, lottery wins, an upturn in the economic climate or by your own success, your former spouse/civil partner can (so long as they are not remarried) come back to the court to ask them to consider finances.
The court will consider the value of the assets at the date the case comes before them rather than at the date of separation.
For example, if you are serving in the Armed Forces and separate from a spouse, if you do not resolve your finances, they could potentially make a later claim in light of your assets increasing. This could relate particularly to your pension values.
Financial association
You should also consider that you may still be financially associated with your former spouse or civil partner.
If your spouse or civil partner has an adverse credit rating, this could affect your ability to obtain credit. If your spouse or civil partner were to declare themselves bankrupt or be made bankrupt, this could affect your financial situation – particularly if you own assets jointly.
It is therefore always important to seek independent legal advice at the time of separation to ensure that you have thought about the consequences of leaving matters.
The Family Law Company offers a free initial half hour appointment, giving you the opportunity to discuss these matters.
Need some advice? Get in touch today
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