News: The Financial Backlash of a Quick DIY Divorce
Published on 18 October, 2016 | Abigail Lowther
As we discussed in our previous blog, there has been a rise in the amount of couples seeking a divorce without legal representation, as a means of speeding up the proceedings and cutting costs. Statistics have shown this can create more problems that it solves when it comes to financial settlements in these scenarios.
Due to the rushed nature of these quick-exit divorces, many of the concerned couples do not fully agree formal financial terms to secure and separate their personal assets, posing various issues and complications further down the line.
The Complications of DIY Divorces
A number of cases have recently come to light where former partners have returned in the hope of claiming half of the other’s recent fortunes, such as lottery ticket wins, business successes and inheritance windfalls. Legally, if financial settlements are not set out in a court order approved by a judge it can be the case that such claims are successful.
Also, couples who have remarried may face complications in the future if assets that had been owned historically (such as property or business ventures) are sold off. Whether you plan to split these financial earnings with your former partner or not, you may find this matter beyond your control. Therefore, it is highly recommended that anyone remarrying ensures all financial settlements from previous marriages are properly resolved to avoid any unpleasant surprises.
Initiating Divorce Proceedings
The risks of opting for a DIY divorce can give rise to serious risks in the future. Although you may be able to exit your marriage much sooner, arranging your divorce with a solicitor makes sure that all the legal proceedings are carried out properly.
There are many clauses within financial settlements, which is why it is so important to seek specialist advice. Splitting your assets professionally – whether property and family businesses or pensions and inheritance – will help to prevent any repercussions, and ensures that both parties receive the financial assets they are entitled to.
Hall Brown: Family Law Experts
If you are divorcing your spouse, our boutique family law firm can guide you through the full process and arrange the financial settlements across many different aspects. Our expert lawyers will ensure that your individual circumstances are respected, and that you are treated with the utmost professionalism and discretion. Call our Manchester office directly on 0161 804 7000 or email us at firstname.lastname@example.org.