At Myerson, we regularly speak to clients who have separated and divorced but not formalised their financial arrangements.
There are many reasons why people do not deal with financial matters at the time of the divorce, but it is important to be aware that obtaining Decree Absolute does not sever the financial obligations between you and your former husband or wife.
If you would like the certainty of knowing that neither party can make any further claim against the other in life or on death, then you need to consider incorporating your financial agreement in the form of a court order which can be obtained by consent or as a result of court proceedings.
A financial agreement will only become binding between the parties when it has been drawn up as a court order and approved by the court.
This can provide you with certainty and security as to your future financial positions.
It is only by obtaining a court order that the financial claims that you may be able to make against each other by virtue of your marriage or civil partnership can be dismissed, either immediately or at a date in the future.
If the financial agreement that you have reached is not incorporated into a court order and sealed by the court, your financial claims against each other will remain open even after the marriage has ended and Decree Absolute has been pronounced.
The court has a duty to consider whether it would be appropriate to terminate the financial obligations that both parties have against each other.
If you are divorced but you are worried that you have not formally dealt with the financial arrangements, then please get in touch. The family team at Myerson are all members of Resolution, an organisation of family professionals committed to promoting a constructive approach to family issues that consider the whole family's needs.
If you would like further information on how we can help or if you have any more questions on financial arrangements on divorce or dissolution, please do not hesitate to contact a member of our Family team on 0161 941 4000 or email the Myerson Family Law Team.