LEGAL EAGLE: What happens to finances when you go through divorce?

I’m uncertain as to whether my husband has any savings or assets, however I simply want to separate and do not wish to make any financial claims.

I ’ve been informed by a friend that once I am divorced, I am not necessarily finan cially separated from my husband.

Is this true and is there any way I can separate from my husband financially too?

When you married your husband, a financial bond was established. This means that assets, regardless of whether they are held in your sole name or your husband’s sole name, may become ‘matrimonial assets’.

When dealing with divorce, it is usual for parties to consider the division of those ‘matrimonial assets’.

The Court will consider a number of factors, such as the needs of the parties and the length of the marriage when determining the division of matrimonial assets.

These factors are listed in full at section 25 Matrimonial Causes Act.

Before considering any applications to the Court, we would recommend the process of financial disclosure.

This includes both parties mutually exchanging documents relating to their financial position.

This information is then used to inform the negotiations regarding the division of the assets.

The ultimate aim is for the division of the assets to be negotiated and detailed within a Consent Order, including a ‘Clean Break’ provision.

We would always recommend the process of financial disclosure, however if you are certain you do not wish to pursue any claims, you could consider a straight forward Clean Break Order.

If you require any further advice in relation to divorce and finances, we have a specialist Family Team here at Ben Hoare Bell with expertise in this area who would be more than willing to assist.

Should you wish to obtain further advice, please contact our office at 0191 565 3112 or email [email protected].

Visit www.benhoarebell.co.uk for further information.