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Navigating Financial Uncertainty in Divorce: Expert Insights and Solutions

Financial Uncertainty in Divorce

Introduction: Understanding the Current Divorce Landscape

As the calendar turns, many individuals reassess their personal lives, leading to a notable surge in divorce inquiries. However, a recent Legal and General report reveals that a staggering 272,000 individuals are postponing their divorce due to financial pressures. This delay, while financially motivated, extends emotional turmoil and complicates long-term financial planning.

The Legal and General report offers a sobering view of the financial realities of divorce. Key findings indicate that one in five recent divorces were delayed due to economic concerns, including the rising cost of living and the direct costs associated with the divorce process. Post-divorce, the financial landscape shifts dramatically, with individuals often experiencing a significant income reduction, averaging £9,700 annually.

Financial Orders Explained: Your Shield Against Future Uncertainty

In the midst of divorce, a crucial but often overlooked element is the financial consent order. Contrary to common belief, a divorce does not automatically settle financial matters. Without a financial consent order, ex-spouses remain vulnerable to future financial claims.

This order legally solidifies the agreement on dividing assets, ensuring long-term protection. The Legal and General report found that more than two-thirds (69%) did not have a clean break order exposing them to a future claim from their ex-spouse. 

The Easy Online Divorce Advantage: Simplifying the Process

You might be thinking that there is a good reason why only 31% of separating couples protect their financial future with a consent order – because they cost a fortune. And you’d be right if you spoke to your local high street solicitor who will charge a minimum of £1000 for the simplest clean break order.

But what if I told you that you could protect your future wealth for only £299? At Easy Online Divorce, we specialise in streamlining the divorce process, particularly financial orders. Our services not only ensure a fair and legally binding division of assets but also offer a cost-effective and straightforward path to achieving financial independence post-divorce.

The real reason that so many couples divorce, leaving themselves open to future claims, is because of a lack of awareness of the problem and possible cost-effective solutions.

Financial consent orders are essential for all divorcing couples, irrespective of their asset base. They encompass arrangements for property, pensions, and other assets and even cover liabilities such as loans and credit card debts. You can read our detailed article that provides an in-depth look at consent orders and their importance.

Making Informed Decisions: Why Expert Guidance Matters

In the wake of financial pressures, expert advice becomes invaluable. The Legal and General report found that a mere 7% of divorcing individuals seek financial guidance, risking unfair and inequitable settlements. Our team at Easy Online Divorce provides expert guidance through this complex terrain, ensuring a fair distribution of assets and safeguarding your financial future. We provide consent orders for thousands of separated couples each year, so we have a deep knowledge of what a fair agreement looks like and, more importantly, what the court considers a fair agreement.

Obtaining a financial consent order through Easy Online Divorce involves a clear and guided process. It begins with an online questionnaire to establish your financial situation. We then draft the order and statement of information for your review.

Once signed digitally, we submit these documents to the court. The entire process is transparent and takes four weeks or one week using our fast-track service. Once submitted to the court, it typically takes them four weeks to review and approve.

Expanding on Financial Orders: Beyond the Basics

Understanding the intricacies of financial orders is vital for anyone going through a divorce. These orders can address various aspects, including ongoing spousal maintenance, division of pension rights, and arrangements for any joint debts. They ensure that any financial agreement reached is not just a verbal agreement but a court-enforced mandate.

Case Study: The Real Impact of Financial Orders

Dale Vince and ex-wife Kathleen Wyatt CREDIT: Photo: (PA/National)

Dale Vince and ex-wife Kathleen Wyatt CREDIT: Photo: (PA/National)

To illustrate the importance of financial orders, let’s consider the case of Wyatt and Vince, who separated in 1984 and divorced in 1992. The couple were penniless at the time of separation, surviving on benefits. They didn’t put a consent order in place – perhaps because they were unaware of it, or maybe they figured they didn’t have anything to protect. 

Vince, however, went on to found an eco-energy business and became a multi-millionaire. His ex-wife found out about this and filed a £1.9 million claim against him, despite their short-lived marriage predating the time he became a multi-millionaire from his business. 

You can read the full story here, but long story short, in 2015, Vince ended up paying legal fees of more than £500,000 (the law forces costs to be shared amongst the combined wealth of the parties. So since Wyatt was penniless, Vince had to pay Wyatt’s too) and £300,000 to Wyatt as a final settlement. 

Testimonials: Hearing from Those Who’ve Benefited

Testimonials from our clients on Trustpilot further underscore the benefits of our services.

Easy Online Divorce – true to their name!

Easy Online Divorce made applying for a consent order a very, very easy process.
They were a joy to work with and provided great support alongside their exemplary service!
If you are looking for support at any point in your divorce, and it’s perhaps all getting a bit overwhelming and too much to manage, or you simply don’t want the admin to deal with, then send Easy Online Divorce an enquiry – I assure you, you won’t look back!

Ryan Payne

101% Service!!!

I can’t thank you and the team enough for a BRILLIANT and EFFICIENT service. So so grateful and your service reduced to a very large extent a lot of anxiety and stress during this divorce process.
I had to leave a review for your company and this is something I hardly do for companies!!
I paid for the fast track (1 week service) and this team were right on time as advertised. The consent order was thoroughly reviewed and more information/clarification was asked where needed. Smooth digital signature feature was incorporated into the application form and off it went. The consent was approved in less than 3 weeks.
This is a one time service for me but will definitely recommend your service to anyone that needs it.

FOM

The Legal and General report offers more than just statistics; it provides insights into the psychological and emotional aspects of financial decision-making in divorce. It emphasises the need for careful consideration of long-term financial health beyond the immediate pressures of the divorce process.

A critical element in drafting a financial consent order is full financial disclosure from both parties. This transparency ensures that your agreement is fair and considers all assets and liabilities. At Easy Online Divorce, we guide our clients through this process, ensuring that all necessary financial information is accurately represented.

Frequently Asked Questions: Addressing Common Concerns

We have written a detailed article about financial orders that includes an extended FAQ section addressing common queries about financial orders, the divorce process, and how our services can assist. This section provides valuable information to help you decide about your divorce and financial arrangements.

Conclusion: Securing Your Financial Future Post-Divorce

Navigating the financial complexities of divorce is daunting, but with the right guidance and tools, it’s possible to emerge with a stable and secure financial future. A financial consent order is more than just a legal formality; it’s a crucial step in protecting your financial well-being. 

Take our 50-second test that will advise you on the type of divorce and financial order you need based on your personal situation.

We hope you have found this article helpful. If you have a question we haven’t covered or need further clarity, email or call us on 0204 530 8101 or book a free consultation with one of our friendly divorce experts here

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