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UNFORTUNATELY, it isn’t true that ending a marriage by divorce automatically severs financial ties between spouses, and prevents either party from being able to bring a financial claim against the other.

All too often in today’s society, where there are a number of websites offering quick and easy online divorces, and access to the courts makes it easier for people to embark upon the divorce process without the guidance of a solicitor, it is easy to overlook the financial ties that come with marriage.  Assets can be divided and finances split between the parties, but this alone is not enough to prevent the possibility of a future financial claim being brought. 

Many people are unaware that financial claims can be pursued even after a decree absolute has been granted and the parties are divorced.

If you are divorcing, or have divorced, the ‘value’ of a solicitor comes in them assisting you with the resolution of the financial aspects of the marriage. 

A solicitor can help you obtain a court order as part of a divorce, that addresses the finances of the marriage. 

Not only would such a court order regulate how the financial assets of the marriage were divided, but it can also include provision to sever financial ties, without which there is every possibility that your former spouse can bring, and will succeed in, a future claim against your money, property or other assets, including your pension. 

When resolving finances as part of a divorce, there is no standard formula for calculating an appropriate financial provision.  Every case is considered on its own facts and circumstances, which is why what happens in one person’s divorce is unlikely to achieve the same outcome in the next person’s divorce.

In assessing appropriate financial division, the court has a duty to consider all of the circumstances of the case, and to take into account a range of statutory factors which include:

  • The capital and income resources available to both parties, either at the time of the divorce or in the reasonably foreseeable future
  • The financial needs of both parties
  • The standard of living enjoyed by the family before the breakdown of the marriage
  • The parties’ ages
  • The length of the marriage
  • Any physical or mental disability of either of the parties
  • The respective contributions that have been made to the marriage by the parties
  • In exceptional circumstances, the conduct of the parties
  • Any benefit either party will lose as a result of the divorce (such as a financial entitlement under a spouse’s pension)

The court will also always consider the welfare of any child(ren) of the family under the age of 18.

Invalesco Family Law is a specialist family law firm with experience of assisting people with divorce and all aspects of family law.

For further help or advice in relation to any of the issues raised, please contact the team at Invalesco Family Law:

www.invalesco.co.uk

Invalesco Family Law Limited

Wetherby office: 5 Church Street, Wetherby, LS22 6LP

Telephone: 01937 538 100

Leeds office: West One, 114 Wellington Street, Leeds, LS1 1BA

Telephone: 0113 390 4292