Once the divorce process has started there is a period of separation during which time the are many concerns raised about financial matters.
Detailed below is some useful information concerning the financial issues that may arise once separation has occurred
Generally, financial matters are resolved as the divorce progresses. However, on some occasions emergency steps need to be taken to preserve assets or to protect your interest in the family home.
If at any stage in the proceedings you believe that the other party is dissipating assets, then you are entitled to apply to the Court for what is known as an “Avoidance of Disposition” Order to prevent this from taking place. It is however important that you do this as soon as you believe this course of action is being adopted so that immediate action can be taken on your behalf.
Your Right of Occupation
If you are not a joint owner of the matrimonial home, it may be possible to register your right of occupation at the Land Registry and to prevent the other party from selling the property without your knowledge
If you are a joint owner of the matrimonial home, your legal right to the property is not affected by divorce or separation. It is however appropriate for you to consider severing the ‘Joint Tenancy’. This is a procedure which protects your half share of the property.
Upon death, your half share of the property would usually then pass to your estate rather than by survivorship to the other party.
Make a Will
You should also consider making a Will. Once the Decree Absolute is granted, thereby dissolving your marriage or Civil Partnership, you lose your automatic entitlement to inherit property from your former spouse whether or not he/she has made a Will.
You should also remember that, if you intend to re-marry, any Will you make before marriage will be automatically revoked on re-marriage.
You should consider severing all joint financial liabilities and accounts to make sure that you do not lose out or become liable for any further debts without your express consent.
Short Term Money
If you are without monies then you are able on occasions to apply to the court for interim maintenance. An application for interim maintenance cannot be commenced earlier than the issue of the divorce petition but the maintenance Order can then be backdated to the date of the petition.
The interim maintenance concludes generally when decree absolute of divorce is granted or the Order can be continued until such time as the court considers reasonable.