Concerned that a divorce might leave you with a significant lack of assets?
Discover how to protect assets from divorce in the UK with a helping hand from the experienced team of divorce solicitors at Freeman Jones Legal.
We explore some of the best ways to protect your personal finances both before and during a divorce.
How to protect your finances before a divorce
The most well-known and common way to protect your finances before a divorce is to enter into a pre-nuptial agreement which sets out how the assets will be divided should the marriage or civil partnership come to an end.
However, a post-nuptial agreement can also help you to agree to the split of assets and finances in the event of a separation or divorce after you’ve married.
While not strictly binding in UK courts, they can be helpful for settling disputes.
How to protect your finances during a divorce
Transferring or hiding money or assets to prevent them from being fairly divided in a divorce is illegal in the UK and will often lead to court penalties such as paying for the other party’s legal costs. However, when you separate, there are some steps you can take to help protect your finances until a financial settlement is reached.
Contact your bank – Any joint accounts or credit cards shared with your ex-partner should be frozen or closed as soon as possible and you should open a separate account for yourself. This will prevent you from being liable for your ex-spouse’s expenditures and help you to build your own credit.
Contact your mortgage provider or landlord – Find out whose name is on the mortgage and discuss your mortgage payment options with your lender. For those with a joint mortgage, you’ll both be liable to make the loan repayments, so it’s important that your mortgage lender is aware of your situation and payments are still made until a financial settlement is arranged.
Alternatively, if you rent a property with your ex-partner, it’s crucial that you contact your landlord/housing management company and discuss your options. Depending on your tenancy agreement, you may be able to continue living in the home alone or be able to transfer it into your ex-partner’s name.
Protect your assets – If you’re concerned that your ex-partner might attempt to sell, transfer, or move any of your assets prior to reaching a financial settlement, you can apply for a court order to protect your matrimonial assets. Contact a solicitor and they should be able to advise the best route forward.
Contact Freeman Jones Legal today
To learn more about how to protect assets from divorce or for support with asset division, why not choose one of the leading law firms in Chester? Highly-skilled and experienced in financial settlements in divorce, we can use a variety of methods to make your divorce as hassle-free as possible.
To find out more about our legal services or schedule your free, no-obligation 30-minute consultation, please don’t hesitate to contact our team of expert divorce solicitors today. You can get in touch by sending your enquiry to our team via email or simply giving us a call on 01244 506 444.