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Since the ‘no fault divorce’ was introduced by the Divorce, Dissolution and Separation Act 2020 over one year ago, there has been a rise in couples making divorce applications without legal representation. Although the purpose of the no-fault divorce was to make for a more amicable and straightforward process by removing the requirement to apportion blame, it has resulted in fewer people seeking legal advice on the financial remedies available to them.
Divorce Proceedings can now be issued online by completing a form, declaring that your marriage has irretrievably broken down and paying the £593 application fee. The following common misconceptions can often lead to couples losing out on assets that they could be entitled to, leaving themselves open to future financial claims:
One common misconception around the divorce process is that a divorce simultaneously breaks your financial ties to your ex-spouse. This is not true. Without obtaining a Financial Remedy Order, your ex-spouse may make a claim for your savings, property, or pension in the future. Obtaining a Financial Remedy Order is a separate process to a divorce and requires a separate application to Court.
Dealing with finances does not necessarily involve lengthy or contested Court Proceedings. Financial settlements are often agreed between couples with the assistance of a solicitor and subsequently recorded in a Financial Remedy Consent Order, which is lodged at Court for the approval of a Judge. This is usually the case when couples agree to disclose details of their financial circumstances and are willing to negotiate openly and fairly. If this is not the case, then it may be necessary to make an application to Court for Financial Remedy Proceedings, which can be a more costly and lengthy process. In limited circumstances, legal aid is available to help cover the cost of Financial Remedy Proceedings.
One asset that many couples fail to consider when divorcing are pensions. Pensions are often the biggest asset in a marriage, with statistics showing that older men tend to have larger pensions when compared to older women. Pensions can be transferred between spouses under a Pension Sharing Order which you may be entitled to if your spouse has a larger pension than you do. Although this may not seem an important consideration for younger divorcing couples, failing to consider pension claims could leave you without a sufficient income on retirement.
Larken & Co have a team of specialists in their Newark and West Bridgford offices who can offer legal advice on all aspects of private family law, including Divorce and Financial Remedy Proceedings. If you are considering a divorce but are unsure of what this could mean for your finances, then don't hesitate to get in touch with Julia Kolomiiets to arrange an initial consultation. Our initial consultation fee is £150, including VAT which includes a 45-minute consultation and a letter of advice.
On Thursday, 11th May 2023, we will be offering free 30-minute legal advice sessions between 2 pm and 5 pm at our Newark office. This will operate on a ‘first come first served’ basis and can include legal advice on arrangements for children, divorce, separation, financial remedy and domestic abuse.
If you are in any doubt about your funding options or want to know whether legal aid may be available, please do not hesitate to contact Julia in our family team on 01636 703333.
Larken & Co Solicitors is Authorised and Regulated by the Solicitors Regulation Authority - SRA Number: 53640