Why Divorce isn't final, would you lie about money to your partner?

01 August 2017

Many people want to get the divorce process over and done with, often with as little cost as possible. That’s why so-called ‘quickie divorces’ are so appealing.

However, a quick divorce may well be a false economy, as you won’t have secured the financial arrangements between you. If you overlook this aspect of your divorce, it could make you very vulnerable.

Why? Well, you might think that you know what assets are in your marriage, and you may even be able to agree how to divide them. But have you considered that your ex could actually be hiding assets from you in order to exclude them from the divorce settlement?

Sadly this does happen, and Co-op Legal Services' research* shows that 38% of people aged between 50 and 54 would consider hiding assets from their ex during a divorce, as would 31% of people aged between 55 and 59. Some also admitted dishonesty during the relationship itself, with nearly one in two people hiding their monthly spend from their partner.

So sorting out your finances might not be as simple as you think. Your ex might have more assets than you realise, and unless you go through the proper legal processes, you might never know about them. This could cost you in the long-run.

To ensure you (and your children) are provided for in the future, you need to take the time to get a Financial Order. Co-op Legal Services are experts at unearthing any secret assets, ensuring everyone is given a fair settlement that protects their best interests. It will also allow you to end the financial ties between you and your ex.

This may come as another surprise, but unless you’ve asked the Court to make an official ‘Order’, your ex-spouse can make a financial claim against you at any point in the future. This applies even if you divorced or separated many years ago.

Imagine this scenario: you and your ex go through an amicable divorce, so you don’t bother to involve any solicitors. You continue working, building up a healthy pension pot to enjoy when you retire. Ten years pass, after which your ex demands a share of your pension. There’s nothing to say that the financial ties between you have ended, so the Court rules in your ex’s favour, ordering you to hand over a large lump sum.

This is just one example that shows how a divorce isn’t final, at least not when it comes to the financial commitments between you. There have been many stories in the media about people who have been forced to share their business profits, lottery winnings or property with their ex, all because they didn’t ask the Courts to end their financial ties when they divorced.

Therefore it’s not quite as easy as getting a piece of paper that says you’re no longer married – you need to make sure your finances are sorted too.

Co-op Legal Services specialise in family and divorce law can help you put a Financial Order in place. Your solicitor will help you negotiate a settlement, working to ensure any hidden assets are uncovered and included in the agreement.

Your solicitor can then apply to the Court to make the Financial Order legally binding. This will officially cut the financial ties between you and your ex, giving you a clean break from each other.

Whether you are considering a divorce, or you want to review the terms of your divorce, Co-op Legal Services can help.

*Carried out by Atomik Research who conducted a survey of 1,065 people in March 2017.

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