Financial effects of a divorce


There are many things to consider if you are considering getting a divorce. Financial matters are something that is likely to be at the forefront of your mind. You should ensure that you consider the following questions: 

  • What assets do you jointly hold with your spouse?
  • Do you have any bank accounts or money held with your spouse in a joint bank account?
  • How much money or assets do you need or want from the divorce?
  • Are there any children that need to be financially provided for?

If you decide to proceed with a divorce, you should commence legal proceedings. In order for a court to grant your divorce request, you will have to prove that the marriage has irretrievably broken down. It may be a sole or joint decision to get a divorce, but either way there are a number of grounds for a court granting a divorce. You will have to satisfy at least one of the following grounds: 

  • Adultery
  • Unreasonable behaviour
  • Desertion
  • Two years separation (and your spouse consents to the divorce)
  • Five years separation (your spouse does not need to consent to this)

If a court grants your petition for a divorce, financial matters may also be settled by them. Alternatively, you could agree on financial issues with your spouse prior to the divorce. Financial settlements can also be used by couples who decide to divorce. A family law solicitor can help you with these matters.

If you would like to obtain legal advice and information on the law relating to divorce and financial settlements, Caven can put you in touch with a local specialist family / divorce solicitor free of charge. So, if you have any questions or would like our help in finding local family / divorce solicitors please call us on 08001 221 2299 or complete the web-form above.

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