People often assume that finances are dealt with as part of their divorce, but this couldn’t be further from the truth. That’s precisely what Financial Orders are for. Without them, there would be no legally binding way of knowing who owns what and how the finances are split. A legally binding financial order outlines how matrimonial assets will be divided following a divorce. Even if you and your spouse don’t believe you have any significant assets to divide, obtaining a financial order is still advisable.
In England and Wales, only a financial order can protect you from claims being pursued by your ex in the future. A divorce will end your marriage but will not protect any future wealth or assets you acquire. Until an order has been put in place, claims arising from the marriage will remain in place and can still be pursued long into the future.
In circumstances with limited or no assets, a ‘Clean Break Order’ is likely appropriate. A Clean Break Order provides peace of mind, knowing neither party can make future financial claims. This order will remain in place until after death and will prevent any claims being made against your estate that could cause problems for your loved ones.
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