LEGAL MATTERS
The importance of recording
a financial
settlement
as part
of the
separation /
divorce process
W
hen a married couple separate they can
choose to divorce immediately thereafter
or may decide to wait before commencing
divorce proceedings. Most couples
however wish to try and reach a financial
agreement as soon as possible to enable them to
move forward with their lives.
Once an agreement has been reached, whether
direct between the couple, via Mediation or
following negotiation through Solicitors, this
agreement should be recorded in either a
Separation Agreement (prior to divorce) or a
Consent Order (during or after divorce). This also
applies if the couple have no monies to divide.
A Separation Agreement is a legally binding
contract between the parties which makes
reference to future divorce proceedings and usually
records the fact that in those divorce proceedings
the parties will put in place a Consent Order setting
out the provisions within the Separation
Agreement. The Consent Order is lodged at the
court, any time after pronouncement of the Decree
Nisi and subject to the judge approving its contents
it is made into a Court Order.
The importance of such a written Agreement is
to ensure that the parties cannot go back to each
other in the future, even after divorce, to try and
claim anything further. For example, any
inheritance or lottery win which may have been
received.
Lots of people think that by obtaining a divorce
46 Leek Life November/December 2013
automatically brings financial claims against each
other to an end which is not correct. These claims
continue beyond divorce without such an
Agreement put in place.
It is important to take legal advice upon
separation, not only to ensure you are receiving a
fair financial settlement but also to ensure that
such a settlement is recorded in a legally binding
document to prevent further claims being made
against you in future.
Marie Proud,
Partner and
Collaborative
Solicitor at
Tinsdills
Solicitors.
01538 399332
Marie. proud@
tinsdillls.co.uk