Often when a person wishes to commence divorce proceedings, dealing with the financial aspect is not something they have considered. We would always advise you to settle your financial matters at the same time as dealing with the divorce.
I dealt with a case recently where the parties had divorced in 2014. At that time, they did not agree upon a financial settlement, which meant all claims for financial provision were left open to both parties. I represented the client in pursuing a financial settlement against her ex-husband who was due to receive a large sum in inheritance.
Although the parties were divorced some four years ago, I was able to secure an award for my client which meant she received an almost 50% share.
This case illustrates how important it is to settle financial matters at the time of the divorce. These are some of the consequences of obtaining a divorce but not finalising financial matters:
- If you come into any money, property or assets, the Court or solicitors when dealing with your case will consider the value of the assets at the date it comes before them, rather than at the date of separation.
- You may still be financially associated with your spouse – so if your spouse has an adverse credit rating this could affect your ability to obtain credit.
If you are the petitioner or respondent within divorce proceeding and have not yet thought about obtaining a settlement dealing with your finances, please contact our specialist divorce and finances team. We provide an initial free half hour appointment.