Dealing with Finances and Properties After a Marriage Breakdown
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Going through a divorce is often difficult enough, but dealing with finances as well can often make a difficult situation even harder.
Sorting through money, property and pensions can seem intimidating when you don’t know what you’re entitled to. It’s worth noting that in England and Wales, divorce itself does not put an end to any financial claims between you and your partner.
During a divorce in order to separate finances, it is preferred that you reach a financial settlement to agree which is then turned into a binding court order.
Before reaching a financial settlement there is an obligation for both parties to give full and frank disclosure on financial matters. This includes details about any assets, income and outgoings; even if you believe something should not be taken into account, such as assets you hold solely in your name.
In essence, a financial settlement is a legally binding agreement based on how you and your partner will divide your assets when your marriage breaks down.
Financial remedy is the term used by courts to describe the financial proceedings within a divorce. The courts will use a financial settlement agreement as a way of dealing with the separation of assets and finances in what is known as a consent order.
As previously mentioned, it is imperative to disclose all financial assets, including any changes during the divorce proceedings, this includes any intentions to re-marry or cohabit, as these may affect the settlement.
It is also worth noting that failure to disclose all assets or to deliberately give false information may be committing a criminal offence and proceedings may be brought against you under the Fraud Act 2006 for perjury as well as resulting in any financial settlement being set aside.
In England and Wales, once a divorce is finalised, you are still able to make financial claims against your ex-partner and vice versa, there is no time limit for making these claims. This is why it’s crucial to have your financial agreement in a court binding order with your ex-partner as the divorce is being processed.
With so much to consider during separation and divorce proceedings, it is important to have the right legal advice on your side. This is why Eatons Solicitors, with decades of experience, will offer you a service and advice that is personal to you. Eatons Solicitors are here to offer support every step of the way.
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