We are divorced so my ex cannot touch my assets – right?

The decree absolute is the final stage within divorce proceedings and confirms a couple are no longer married.  What many people do not realise is that without a Financial Remedy Order, their ex-husband/wife could still make a financial claim against them in the future – even if they have sold the family home and distributed the proceeds.

In 2016, the press reported on the case of Ecotricity Energy Tycoon and owner of Forest Green Rovers FC, Dale Vince.  His ex-wife was awarded a "modest" lump sum payment of £300,000, nearly a quarter of a century after the couple divorced in 1992 (she was seeking £1.9m) even though he had made his fortune after their divorce.  This case is a stark reminder that financial claims remain open even after divorce unless dismissed by way of a court order.

The claim faced by Mr Vince could have been avoided by arranging for a family lawyer to draft a financial order providing for a “full clean break” at the time of the divorce – this would cost around £500 in a case with modest assets.  Providing the former couple are in agreement, the order can be prepared by “consent” and can be sent to the court for approval without having to attend court.     

If you need advice regarding a financial settlement following divorce, get in touch with one of our expert solicitors.

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