There’s a lot of misconceptions surrounding divorce, finances, and assets. The most common is the idea that divorce automatically severs all financial ties with a former spouse. But this isn’t the case, your ex can still make a claim against your finances and assets. The question is how long after a divorce can you claim assets in the UK?
Your former spouse is entitled to make a claim against your finances or assets at any point up until they remarry. The only way to prevent a claim is by a Court approved Financial Consent Order.
It’s important to understand that a divorce only ends your marriage, enabling both parties to remarry in the future. Ending you marriage does not break financial ties with your former spouse.
So, how do you protect your money and assets to stop your former partner from claiming against you in the future.
No fault divorce and splitting assets
If you were hoping that the no fault divorce process would make splitting assets easier, you will be disappointed. The new law doesn’t touch on dividing money and assets.
This means a claim can still be made by your former spouse unless you had prenuptial agreement in place before entering into your marriage. Alternatively, a claim can be stopped if you and your ex signed a postnuptial agreement.
A former spouse’s ability to make a financial claim against you rests on two factors:
- If they have remarried
- If you have a Financial Consent Order that was approved by the Courts
If you don’t have a Financial Consent Order, your former spouse can make a claim against your finances and assets years after you divorced.
Without a Financial Order, not only can your former spouse stake a claim on a portion of money that existed within your marriage – for example, joint savings – but they can even claim on your future earnings or financial windfalls, such as an inheritance.
How do you protect your finances and future wealth from a claim?
From a legal standpoint, only if your ex remarries or you have a Financial Consent Order in place can you protect your finances against a claim.
Obviously, the first is out of your control. However, if your former spouse does remarry, they give up any right to claim against you.
The second option, which would give you greater control, is a Financial Order such as a Clean Break Order.
You can apply for a Financial Order after a conditional Divorce Order (Decree Nisi) is granted as part of your divorce proceedings and any time up until one party remarries.
However, if you apply after your divorce is granted, your former spouse’s rights to certain assets – for example, pensions – could be affected.
How Long After a Divorce Can You Claim Assets in the UK?
There is no time limit on how long after a divorce financial claims can be made by one spouse against another.
Arguably, the most prominent example of this is the case of Wyatt vs Vince. In this case, Kathleen Wyatt was able to secure financial support from her wealthy ex-husband, Dale Vince, 18 years after they got divorced.
Mr Vince did not have a Financial Order in place.
To protect any assets you acquire after your divorce, you need a Financial Court Order in place, which severs any rights that you or your ex-spouse have to make a financial claim.
In the absence of a Clean Break Order, you could find yourself facing a financial claim long after your divorce.
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