What Should I Consider When Doing a DIY Divorce?
Since the online divorce portal has become more accessible and user friendly, DIY divorces are now extremely common. It is now easier than ever, especially with the implementation of the new ‘no-fault’ Divorce Law in April 2022, for you to complete the process yourself.
However in the legal world divorce and finances are treated separately and this is something that the portal does not account for.
The Dangers of a DIY Divorce
Dealing with your divorce on the portal does not in any way legally divide your assets such as pensions, property, savings and investments. If this is not legally concluded, the door is left open for potential future claims by your ex-spouse even if you have finalised your divorce. Although the divorce portal is user-friendly, sorting out finances is particularly more difficult. This is due to many eventualities to be considered and each person’s individual financial circumstances. For example, under the ‘re-marriage trap’ it is sometimes possible for one party to re-marry losing potential future financial claims against their ex-spouse whilst the other remains unmarried and therefore keeps theirs.
How Do I ‘Close the Door’ to my Finances?
To prevent any future claims, you will need to draw up an agreement known as a consent order which sets out how your finances are to be split. This document will need to be sent to the court and approved by a Judge. This should be done after obtaining your conditional order and before being granted your final order on divorce. Although it is possible for you to draft your own consent order, the law that determines the fairness of the agreement and ultimately the approval of the Court is complicated due to the consideration of many factors differing from case to case.
Should I Draft the Consent Order Myself?
You should be careful when drafting any agreement yourself especially if you have complicated assets that cannot be easily divided or are finding it difficult to come to an amicable agreement. Solicitors have the experience and expertise to consider the more complicated areas of your finances which you may have missed. They can also put you in touch with experts who can look at the true value of your assets on division particularly with regard to pensions and mortgage capacity something that may seem so far down the line you may not have properly considered yet.
To sever your financial ties and to prevent any claims from your ex-spouse arising against your assets in the future, you will need a consent order that the court will view as fair and therefore approve. Although the cost of a solicitor may seem daunting, having your assets protected for years to come is priceless. If you feel like you need the advice and support from a solicitor in relation to a divorce or finances please contact a member of our Family Team on 01904 615525 for a free 30 minute appointment.