Yes! Your ex-spouse could come after your savings and pension!
More and more couples are now informally separating, and later starting their own divorce cases online, without solicitors.
The new ‘no fault’ system online has made it easier to progress a divorce, but many spouses do not realise that the financial claims – dealing with the house and the pensions – still need to be sorted out, separately.
Claims remain open until a Clean Break Financial Order has been endorsed by the Family Court. Even if you had an agreement and have been separated, or even divorced, for years, the financial claims live on unless there is a Court Order.
A few years ago, an ex-wife made a claim against her ex-husband 19 years after they were divorced, when she found out he had become a millionaire, having developed a successful a wind turbine company. The Courts allowed the ex-wife to proceed, and the ex-husband eventually agreed to pay her enough to close the case.
Those separating but not wishing to start a divorce should consider entering into a formal Separation Agreement, which can record how they wish to deal with the house and pensions, on a ‘no going back’ basis.
Those with divorce proceedings, should look to try and ‘convert’ a settlement into a Clean Break Financial Remedy Consent Order, which the Court can make legally binding.
The ‘Clean Break’ clause can provide peace of mind that the ex-spouse will not try and make any claims on inheritances, lottery wins, or successful business, 19 years later!
If you need specialist divorce advice, you can contact Daniel Sims from our expert family law team today by email email@example.com or telephone 01553 666407.
This article aims to supply general information, but it is not intended to constitute advice. Every effort is made to ensure that the law referred to is correct at the date of publication and to avoid any statement which may mislead. However, no duty of care is assumed to any person and no liability is accepted for any omission or inaccuracy. Always seek advice specific to your own circumstances. Fraser Dawbarns LLP are always happy to provide such advice.
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