It is important that your financial settlement is recorded in a court order. Otherwise, financial claims can be made many years after the divorce.
In the case of Vince v Wyatt, the parties were only together for two years and had one son. At the date of separation, the parties had very little money and the husband was not able to make any child maintenance payments.
Eight years later, the wife made an application for a financial order. Since separation, the husband had founded a wind energy firm and now had assets worth over £57 million.
The Supreme Court decided that there was no time limit in bringing a financial claim upon divorce. Thereafter, the parties negotiated the settlement. Had the parties agreed a consent order at the time of the divorce, the wife would not have been able to bring a claim as a result of the husbands financial circumstances.
It is only with a court order that you can achieve finality. The court order can be made either by consent or after a contested hearing.
How long does it take to obtain a financial consent order?
If you and your spouse can reach an agreement, then the court can make it an order after the Decree Nisi which will take effect upon the making of the Decree Absolute. However, if you cannot reach an agreement and financial matters have to be resolved by the court, this can take around 12-18 months.
If you would like to find out more information about the issues raised above, please contact Susan Taylor. 0161 883 0460 or email firstname.lastname@example.org