I am getting divorced/seeking dissolution, can I ignore finances?
Categories: Family, NewsWhat is a Financial Remedy Order and Why is it important
The short answer: no
Going through a divorce/dissolution can be difficult but if you are going through this process, it is crucial that you do not overlook dealing with your matrimonial finances.
Even after divorce/dissolution, if you were to win the lottery, inherit or set up a new business your spouse or civil partner could claim half! and even more concerningly, there is no time bar to these claims! This means a financial claim could be brought at any time in the future.
You may think my spouse or civil partner would not do that, or after this many years why would they bother! Well after 20 years of separation from his ex wife, Mr Vince probably thought just that, until he received a financial claim from his ex wife, who succeeded in her claim. You can read more here.
Getting your assets sorted following a divorce/dissolution can be overwhelming, but this is an essential task in your matrimonial breakdown. Trying to come to an agreement with your ex-spouse or civil partner, is often easier said than done. That’s where the specialist family solicitors at ORJ Telford can help.
It is very important to understand that divorce/dissolution does not end your financial responsibility to your spouse or civil partner.
So how do you end your financial obligations?
At ORJ our specialist family team advise each and every client to obtain a Financial Remedy Order, which will sever you financially from your spouse or civil partner, preventing any further claims in the future.
This is the only way to conclude any financial claims between you both, unless in the unfortunate circumstances one spouse/civil partner were to pass away.
In the event of one spouses’ or civil partner untimely death, and after divorce/dissolution, you lose all financial claims. This may include pension and property rights!
What is a Financial Remedy Order you might ask?
This is an Order sometimes referred to as a Consent Order, setting out how the matrimonial or civil partnership assets and liabilities of the marriage/civil partnership are to be divided. Once approved by the Court the Order is then legally binding, and enforceable.
Wherever possible the Court will strive to enable a ‘clean break’ to be achieved between the parties spouses or civil partnership, effectively preventing any future claims being brought by either party.
This can be achieved in several ways, which our specialist team at ORJ Telford can advise you in greater detail on.
Still not sure why you need to sort your matrimonial finances?
Your financial position is very important. A Financial Remedy / Consent Order provides you with the security and ability to plan your future without worry.
Without a Financial Remedy/ Consent Order, you may always be at risk of a financial claim from your ex-spouse/civil partner.
At ORJ we encourage you to move forward with your life free from the risk of any financial claims from your (ex) spouse/civil partner and allow you to re-claim your future.
The Family Team at ORJ, with offices in Telford, Stafford and Birmingham, offer pragmatic, tailored and professional advice on all aspects of family matters.
Do not hesitate to call us now on 01785 223440 or email us.