DIY Divorce – A delayed cost?
Couples who choose to opt for a DIY divorce, without legal representation, believing that they are saving money, may end up creating a much more complex and expensive problem to resolve at a later date.
What many couples do not realise is that they should obtain an Order from the Court finalising financial matters as part of the divorce process. Anyone getting married for a second or subsequent time should make absolutely sure that their financial matters have been dealt with.
There appears to be an increasing trend of former spouses looking to claim a slice of their ex partner’s financial good fortune. As the real value of pension pots fail to increase and property prices continue to rise it is anticipated there will be a rise in cases being pursued for financial claims in past marriages.
All of this can be avoided if couples obtain professional advice at the time of separation. It is highly likely that there are many out there who as yet do not know that they may face a potential claim. Legally an ex-spouse is entitled to pursue a claim if financial arrangements were not formalised within the divorce proceedings.
In 2013 there were 114,720 divorces in England and Wales and it is not clear how many of those involved financial agreement or how many may be potential problems for the future.