The benefits of a clean break agreement on divorce, even if you have no assets

You may feel overwhelmed with the changes you are facing as you go through a divorce, and going from two incomes to one can be a struggle. If you do not own a house or have other assets, it’s tempting to cut costs and ignore seeking advice from a solicitor in relation to a financial agreement. Robert Bellhouse, family law expert at Ware & Kay explains why this could be a costly mistake. 

‘A divorce does not stop all financial obligations between spouses. I have met people that come into money years after a divorce, only to face an unexpected claim from their former spouse.  You may be on amicable terms now, but relations can sour over time, especially if one of you enters a new relationship or comes into new found wealth. You can prevent an unexpected claim at a later date by obtaining a financial agreement known as a clean break order.’

A clean break order is a financial settlement between you and your former spouse that has been approved by the court. It will sever your financial ties and protect you from a claim over any future assets you acquire.

Robert says ‘obtaining a clean break order is a small investment in time and money now to have that piece of mind for your future. It is a straight forward process, and normally does not involve you having to go to court.’

For a clean break order to be made, the court must be satisfied that each person entered the agreement in full knowledge of the other’s financial position. This means that both parties to the marriage must provide full and frank disclosure of their assets and liabilities. Robert has a wealth of experience in this area and can represent you throughout the process, advising you on what should be included to ensure you are fully protected.

Please contact Robert Bellhouse on 01904 917514 or email robert.bellhouse@warekay.co.uk