Life After Divorce
If you have recently divorced, you may be wondering what happens next. Going through the divorce process can be challenging and, even after you have come to an agreement, there may still be legal matters left unresolved.
When you are married to someone, your lives are intricately intertwined and there are several other legal and practical matters you must address. This article looks at some aspects that you need to consider after your divorce has been settled.
Enforcing your financial remedy court order
Your financial remedy court order is a written document that sets out clearly how your assets and finances will be divided upon divorce. It may also include any ongoing financial arrangements, including maintenance payments. So, how do you make sure the financial consent order is followed? There are some examples below but a solicitor will be able to advise you fully as to how you can ensure the arrangements set out in your financial remedy court order are followed through.
Transferring property/bank accounts
One of you may be required to transfer ownership of a shared property to the other and also to transfer the mortgage. You may have had a joint account which needs to be closed or transferred to one of you.
You may have agreed to sell a property and divide the profit.
When one of you is required to pay maintenance to the other, you should ensure a method for making regular payments, such as setting up a standing order.
Update your will
If you made a will before you got divorced, this will is still valid - but it may cause several problems in the event of your death. Most people appoint their spouse as an executor and/or beneficiary of the estate.
In England and Wales, the effect of divorce on your will is that it will treat your former spouse as if they predeceased you, meaning that they will no longer be able to act as your executor or benefit from your estate. As a result, it is essential that you appoint another executor and clarify who you wish to inherit from your estate. For the majority of people, the most straightforward way to ensure their estate is distributed without issue and as they would wish is to make a new will.
Change your Power of Attorney
Similarly, if you appointed your ex-spouse as your attorney, you may wish to update your Power of Attorney document. Divorce terminates your spouse’s appointment as your attorney and, if you have not appointed another attorney, you leave yourself without a Power of Attorney in place.
Of course, some couples remain an important part of each other’s lives, so there is no law preventing you from appointing a former spouse as your attorney; it is simply uncommon to do so.
These are just a few examples of what you need to consider upon divorce but for more information we recommend that you contact one of our family law team.