No time limit on Divorce Finance Claims
Did you know there is no time limit on divorce finance claims, even after the divorce has been concluded?
This very often catches people out and is true even if there has been an agreement between you at the time of or following separation including a written agreement. Take the case of Dale Vince, the green energy tycoon of Ecotricity fame, whose wife received a six figure pay out 20 years after the divorce.
Only the Court can finalise the financial aspects of your divorce and that needs to be by way of a clean break order to make it legally binding and to avoid future claims.
You may think that there aren’t any finances to sort out at the time, but think about future pensions, property and even inheritances. Our solicitors are increasingly meeting with clients who have dealt with the divorce without legal advice and have reached an agreement with their former partner, for example for the house to be transferred to one party and maybe a lump sum to be paid to the other in settlement of their financial claims. What can and does sadly happen, is that the value of the property increases and the non-owner seeks a greater share. Without a clean break order there is nothing to prevent this from happening and it happens frequently.
This can include other assets such as the pensions you have continued to contribute to many years following separation. You may be relying on that pension provision to provide for your income on retirement and may even have planned your life around what you expect to receive. Your pension is not safe without a clean break order.
If you would like to discuss divorce, separation or finalising financial arrangements at the end of a relationship, please contact our Family Team who will be happy to discuss matters with you and arrange a convenient appointment at any of our Shropshire Offices or email them here.
If you have any enquires about this article then contact our Shrewsbury office on 01743 248148.
PCB Solicitors LLP is a modern partnership, with offices across Shropshire and Mid Wales in Shrewsbury, Church Stretton, Craven Arms, Knighton, Ludlow, Telford, and Clun (by appointment only).