“No Fault Divorce” is great but don’t ignore the need for financial advice

Written by Kay Levene.

Whilst the “no fault” divorce process simplifies that part of the breakdown of a marriage, the more complex and challenging elements of sorting out the finances remains the major concern for most divorcing couples.

Early Legal Advice Can Save Time and Money

When considering the assets of the marriage, and the parties (which are not necessarily the same thing), independent legal advice remains essential to ensure that both parties maximise their finances and ensure that a fair and reasonable settlement is reached.

Seeking advice at an early stage allows a party to discover what options may be available to achieve a practical and fair settlement, how to move forward in a positive and constructive way, what financial disclosure is necessary to enable an amicable and early settlement to be reached. Each case is different and will depend upon the knowledge and trust of each party of the other – or lack of that!

Make Informed Decisions

An amicable settlement should not be one of ignorance. A settlement must be based upon information and both parties being open about their finances. If a settlement is fair, there is no reason for a party not to provide details of their assets, including capital assets, pensions, property and business details, as well as income received. If one party is not prepared to give this, or seeks to discourage the other from seeking advice from a solicitor before entering a settlement, ask yourself “why, if it is fair?”

Even if the parties do not think it necessary, a court requires such information before it will approve a financial settlement. And if you fail to disclose assets as you should, the agreement may not be binding!

And, if you are sadly in the situation where matters are not amicable, or like many, you feel confused or overwhelmed, seek advice! Early legal advice and knowledge from a solicitor can make all the difference, empower you to make informed decisions, as well as give you peace of mind as to your rights, what costs may be involved and how these can be met.

If you are looking for independent legal advice get in touch with our family law experts, Kay Levene, Margaret Baker,  Leanne Weatherill, Darren Francis, Debbie Roper or Justin Martin.

We have offices in Bournemouth, Cranborne Chase, Crewkerne, Dorchester, Parkstone, Poole, Swanage and Wareham.