Divorce and Finances
Common Questions Answered
I have reached an agreement with my wife in respect of the finances following divorce, is there anything I need to do to protect myself into the future?
There is a risk your wife could make a claim against you into the future for capital, income or pensions, even following a divorce. To ensure you are protected you should secure a Consent Order.
A Consent Order is a legal document that summaries your financial settlement and is binding once approved by the Court. It allows you to achieve, for example, an income and capital clean break (with a dismissal of inheritance claims), meaning your spouse cannot claim against you into the future.
A Consent Order can only be secured within divorce proceedings and is the only way of obtaining a binding settlement. It can be obtained by post without either of you having to attend Court.
Does the Court have to be involved to resolve financial matters on divorce?
No. An application to Court should always be the last resort.
Solicitors who are members of Resolution (http://www.resolution.org.uk/) are committed to resolving matters by agreement. They will be able to advise you of your options to avoid Court, such as mediation, negotiation between solicitors in correspondence, round table meetings with solicitors, or a collaborative approach with specially trained solicitors.
If you are unsure which method is most suited to your circumstances, you should approach a specialist Resolution solicitor who will be able to provide you with detailed advice in respect of each process, so you can determine which is right for you.
The marital home is held in my husband’s sole name and I am worried he will try to sell the property before a financial settlement has been reached. Is there anything I can do to protect myself?
You are able to secure a Home Rights Notice against the title of the property at the Land Registry pending a financial agreement being reached, whilst you are still married.
A Home Rights Notice protects your interest in the home you lived in when you were married, but where the property is held one party’s sole name only.
The procedure involves lodging the appropriate Notice with the Land Registry. The Notice will appear in the charges register of the title showing you have an interest.
Please note however that a Home Rights Notice can only be secured on the marital home and cannot be obtained on any other property your spouse may hold in his sole name. For other properties, Notices or Restrictions can be secured and legal advice should be obtained in this respect.
For more information or advice, please contact a member of our Family Team. We offer a free no obligation 30 minute initial appointment. Our solicitors are members of Resolution and are trained to provide clear and cost effective advice. We always aim to ensure a practical and sustainable agreement can be reached swiftly.
