Navigating No Fault Divorce: Essential Advice for Protecting Your Financial Future

Some of you may have seen that the ‘Legal Queen’, who is well-known on TikTok, featured on ‘This Morning’ recently. She outlined some important advice for people who are considering divorcing from their spouses.

When spouses consider divorce, the no fault divorce procedure, which came into effect April 2022, can be applied for online. The Government have set out guidance on the website to assist you through the application if you choose to do this yourself. What is important to consider however is the need for a financial order, which is not something that is covered with a divorce application.

Many people may not be aware but spouses have financial claims against each other as a result of their marriage, which can include property transfers, pension sharing orders or maintenance claims. If parties do not obtain a financial order those financial claims remain open, meaning your ex partner is able to make a financial claim against you in the future even if you are divorced. What is quite alarming is that for all couples who divorce only around 40% obtain a financial order, leaving 60% at risk of having a financial claim made against them in the future.

It is strongly recommended that people who are considering separation, get legal advice at the very beginning of this process so that you can be made aware of your options and be in a position to make well informed decisions. There is no pressure or obligation to proceed with instructing a solicitor throughout the entire process but having this advice at the outset can be beneficial for many of you.

It is also worth noting that a financial order can provide clarity and peace of mind for both parties involved. By formally resolving financial matters, it allows both individuals to move forward without the worry of potential future claims.

Additionally, a financial order can deal with various assets as well as liabilities, and legal professionals can advise you to ensure there is a fair and equitable distribution of those assets and liabilities. This can include the division of properties, businesses, trusts, loans or credit cards.

For those unsure about the process or who may find it daunting, there are resources available. Legal professionals can provide legal advice but there are also mediation services that can help facilitate discussions and negotiations in a more amicable manner. Mediation can often be a less confrontational and more cost effective way to reach an agreement.

In conclusion, whilst the implementation of no fault divorce simplifies the process, obtaining a financial order s a crucial step to safeguard your financial future. Taking the time to understand your rights and options can lead to a more secure and peaceful transition into the next chapter of your life.

For more information about our Family Law services please visit https://enochevans.co.uk/services-for-you/family-law/

Alternatively if you would like to be sent a template of what a Financial Statement (also known as Form E) looks like please fill in the form https://enochevans.co.uk/contact-us/ Please write “Financial Statement” in the message field.