Do I Need a formal Financial Settlement, even if I am divorced?
Yes, in most cases, you do need a formal Financial Settlement.
You may be divorced. Consequently you may think that having a Decree Absolute means that there is nothing further for you to do. What about a formal Financial Settlement?
Sometimes you may have been divorced for many years. You may have divided some assets at separation. Indeed, you may have sold the family home.
Further, you may have received a Solicitor’s letter saying that your former spouse now wishes to formally sort out financial matters with you. You may be shocked to find out that there is money to pay to your former spouse.
Most noteworthy is that even if one or both of you has remarried this may not necessarily make a difference to such a claim.
Consequently, in most, if not all, situations we would advise you to have some form of Financial Settlement. You should consider this at the time you are going through your divorce.
Sometimes, after looking at all the circumstances of the case, you will just need a ‘Clean Break’ Consent Order to be filed at court. Other cases may require specific provision to be made, for one, or both, of you depending on the type of assets or debts that you may have. This would be your formal financial settlement.
Contact us – we can provide you with advice and assistance to enable you to understand your options moving forwards.