This article was published on September 12th, 2016
Divorce solicitors are seeing a rise in problems occurring from DIY divorces after people are choosing a cheap, quick fix only to find themselves foul of the financial agreements further down the line.
The problems seem to be more prominent during times of recession or financial crisis when people feel they are better off using DIY divorces to keep costs down. This becomes an issue when the former spouse then gets back on their feet and succeeds in business, wins the lottery or comes into money and because the divorce was done without legal representation, they have left themselves open for past claims on their wealth.
Divorces are not always as straightforward as you think. Couples may only own a few possessions and feel that the assets are insignificant, but unless you have signed a legally binding financial agreement or consent order, you leave yourself vulnerable to future claims.
A famous example of this was a case this year when a millionaire businessman had a claim made against him by his ex-wife of 20 years and was awarded £300,000. The man was penniless at the time of the divorce but made his millions in the eco-energy market in the following 20 years and, because he had not signed a financial agreement, he had no protection from his ex wife’s claims.
Divorce agreements need to be future proof to prevent any resentment or bad feeling occurring, especially if parties remarry and start new families. The risk of financial ties to ex-spouses can have a devastating effect on current relationships which is why it is important to spend the money and get your divorce arranged by a professional, specialist solicitor who will consider all the potential scenarios around your particular financial situation, now and in the future.
For an informal chat and to take the first steps into finding out about what divorce involves, please contact our family law team on FREEPHONE 0800 1979 345.
Thorneycroft specialist divorce solicitors offer expert help and advice on the legal and financial implications of a relationship breakdown. Each member of the team has the required skills to negotiate a financial settlement ensuring a positive outcome for you.
IF you live in Macclesfield, Buxton, Holmes Chapel or surrounding areas and require divorce law advice or to discuss your separation in more detail please call one of our specialist solicitors or complete our simple online enquiry form.