Quick practical Q on divorce arrangements

SoniaM_2

My ex and I are going through divorce. It's all very amicable (luckily!) and we're still friends, so no wrangling over anything in terms of settlements etc. We're happy that between us we've agreed all the finance bits, and any future arrangements. As such we weren't going to bother with the financial agreement that goes through court (I can't remember its proper name).

Is there any specific reason in terms of credit files and segregating linked finances in the future that we should do this? Or will (once we've got rid of the joint mortgage, obviously) the divorce itself achieve the same?

Rikki

The credit agencies will send you a form to sign saying you are no longer financially linked. I can't remember what its called. You just need to give them a ring.

mookiandco

I appreciate that all is well now but who knows whether things will be okay in the future. The consent order that gets sent to the court will usually state that neither party can make claims against the other in future for either capital or income. If you do not have the consent order then it leaves it open to the other party to make a claim in future even if you are divorced. Consider if you won the lottery would you want to share it with him! If there are children the order can leave it open for claims for the benefit of the children by way of him paying nominal maintenance (ie 0.05p per annum), which can then be varied if you need to apply for money for the kids in future e.g if he won the lottery and you needed money to send the kids to a private school. It is far better to get the consent order done now then wonder whether an application for ancillary relief will land on your door mat in future.

sebastianj

hu --mmmm, interesting.
seb