The 2-year anniversary of the reform of divorce laws is upon us this Spring, and the ONS (Office for National Statistics) records 80,057 divorces granted in 2022, down from 113,505 the previous year. The decline may be due to the new rules imposing a 20 week “cooling off period”.
The cooling off period was intended to be utilised by parties, to negotiate the terms of their financial settlement and/or living arrangements for their children. At Bevirs Law, we are encountering more and more clients who have quietly (and as quickly as the rules allow), obtained their divorce but they have failed to address the financial aspect of their separation.
Failing to negotiate financial arrangements, or obtaining a clean break order, at the conclusion of your divorce puts you at risk of the following:
- The remarriage trap – which will prevent you from applying for a lump sum, property adjustment or periodical payments order against your ex-spouse, if you remarry
- Missing out on securing a fair share of pension income – the current approach of the court is to provide equality in retirement, and it will make a pension sharing order transferring a percentage of the greater pot, into the other spouse’s pension fund, to place them on an equal footing at retirement age
- Losing the right to apply for a pension sharing order if your spouse dies (taking his/her pension fund with them)
- Missing out on a fair division of cash savings and investments before they are depleted by the spouse who is holding those funds which would otherwise be available for distribution
- Failing to secure appropriate housing for you and your children
- Failing to obtain provision for either spousal maintenance or nominal spousal maintenance (which keeps the option “live” for future use, should your circumstances change)
- Failing to prevent a claim upon your own assets, including future acquisitions and inheritances
A short-term investment in legal advice will not only save you considerable funds in the long-term and ensure that you recover what is rightfully your fair share of matrimonial assets, but will also protect you against future claims by your ex-spouse.
We have vast experience of handing matrimonial financial cases at Bevirs Law. We offer a fixed fee initial appointment for £75 + VAT, at which we can offer initial impartial advice focusing on your own circumstances and we can assess the options available to you for resolution of your case.
Call the Family team on 01793 532363 or email michelle.bowyer@bevirs-law.co.uk