Did you know, even if you have been divorced for many years, your ex-spouse could still make a financial claim against your wealth if you have not settled the finances of the marriage?
It is advisable to resolve any financial issues alongside the divorce proceedings in order to ensure a clean break. However, it is not always possible, for one reason or another, to deal with both divorce proceedings and financial relief matters concurrently. If the financial matter is left unresolved and the marriage is dissolved, either party can still apply to the court for financial relief. It is advisable for any party who wishes to make an application to resolve financial matters to do so within three years of dissolution of their marriage otherwise their claim would be seriously compromised.
For the party who believes their future earning capacity is likely to improve or they are likely to acquire some assets or indeed just for finality, it is strongly recommended that the parties dissolve the financial matters by way of clean break, irrespective of whether they have assets.
Before an application for financial relief is sent to court, parties are expected to attempt mediation (unless they are exempt from mediation, for example where domestic abuse applies). If an agreement is reached either through negotiations or at mediation, an agreement would be drafted reflecting the arrangement reached with your ex-partner and would ask the court to approve the agreement, which becomes a final order and dissolves financial matters.
At AGR Law, we work thoroughly and diligently to represent your interests and negotiate an agreement that retains you the share you are entitled to. We have the knowledge and expertise to identify any loopholes within your case so that we can strengthen your approach and achieve a secure financial agreement. As members of Resolution, we will not encourage you to pursue litigation where we believe the matter can be resolved by way of negotiations or mediation. This helps to maintain an amicable solution and keeps legal costs down. However, if court proceedings become necessary, we will be in a position to strongly defend your case and ultimately your financial wealth.
Download our factsheet on financial relief for further information