When you go through a divorce, the last thing you want in the future is to have to deal with a dispute or claim with your ex-spouse. That’s why we’re going to provide four ways to get a clean break after a divorce.
You would think that getting a divorce should mean that you can completely move on with your life and try to put the divorce behind you. The problem is that a divorce doesn’t automatically sever the financial ties you have to one another. This is often overlooked during divorce, especially when divorcing individuals are so desperate to get it done, dusted and behind them.
To ensure all your financial ties are severed from your ex-spouse and to prevent them from making any future financial claims against you, you need to have a consent order in place. This is just part of the process so, in this article, we’re hoping to help. Keep reading to learn of the four ways to get a clean break after divorce…
How Can Spouses Get a Clean Break After Divorce?
There are many ways to have a clean break after divorce, including the following:
- Selling Property and Splitting the Profit
The only way a clean break can happen in concern to a property owned by the divorced parties is by selling the property and splitting the profits received.
- Pension Offsetting
Pensions alongside property are most often an individual’s most significant asset. Many people want to ensure they are protected and to have a clean break to prevent any future claims from happening.
Pension offsetting is where the value of a pension is offset against another asset you own at the same value or of similar value. For example, this could be where you can keep your entire pension, but your ex-spouse gets a larger share of the family home because of this. This is the perfect way to have a clean break, with concern to pensions.
- Pension Sharing
Another way a clean break can be achieved with concern to your pension is through pension sharing or a PSO, which is often an order given by the courts.
Pension sharing involves one party transferring a share of their pension to the other party, whether this is half or a different amount. This type of asset splitting can be done immediately and allow you and your ex-spouse to have a clean break.
- Getting a Consent Order
No matter the way you approach getting a clean break divorce, you will need to get a consent order to ensure that it is absolutely a clean break.
Even where you have had an amicable divorce or you have negotiated a divorce settlement with your ex-spouse that suits you both, a consent order is needed. What a consent order does is make the terms of your agreement legally binding and confirms how specific assets, such as pensions, property, savings, and investments, are going to be divided.
A consent order can only be applied for once Decree Nisi, or now known as Conditional Order under the new no fault divorce law, has been granted. When you make the decision to apply for a consent order, it is important that you seek guidance from a solicitor. They will be able to ensure that the document has been correctly drawn up to prevent the court from rejecting it.
Why Do You Need a Consent Order?
You do not need a consent order legally, but if you want to avoid future problems, it’s extremely wise to consider one.
Consent orders are important for everyone, even for couples that do not have a large net worth, shared assets, or any children together. Many people aren’t aware that just because they are not taking hold of your assets now that they won’t try to make a claim against you and your assets in the future. A consent order will prevent this from happening, ensuring all financial ties are cut, and no future disputes can occur.
A Clean Break Is Crucial to Prevent Future Issues
What we understand is the last thing that anybody wants after their divorce has been finalised is to still be tied to their ex-spouse. It’s likely that you want to start living your life independently and move on, and these shared suggestions above can allow you to have this.
Where children are concerned, getting a clean break in that aspect isn’t always possible, but it is possible to have a clean break in concern to your finances.
Did you get a consent order during your divorce? Let us know.
Please be advised that this article is for general informational purposes only, and should not be used as a substitute for advice from a trained family law professional. Be sure to consult a family law professional if you’re seeking advice about finances during divorce. We are not liable for risks or issues associated with using or acting upon the information on this site.