How do I record a financial agreement reached with my spouse upon separation?

It may well be the case that upon separation, you and your spouse are able to reach an agreement in relation to dividing matrimonial assets between you.  We would always recommend that you obtain legal advice as to the fairness of any proposed agreement and that steps are taken to ensure that the settlement is recorded as being in full and final of all claims arising from the marriage. This will ensure that no further claims can be made at a later date. 

You can look to resolve matters before, during or after divorce. 

If you do not wish to proceed with a divorce initially, but would like to reach a financial agreement, to include the transfer of a property for example, then we would recommend that you and your spouse enter into a Separation Agreement. Whilst this is not as legally binding as a Court Order, it is a legal contract between you and your spouse. The Court is likely to uphold the terms of the Agreement in the event of any dispute at a later date, provided it is not grossly unfair to one of the parties and adequately provides for the needs of any dependent children.  You can seek a Court Order to mirror the terms of the Agreement within the divorce proceedings at a later date.

If you do wish to seek a divorce now, and you would be looking at sharing your pensions, then we would recommend that a Consent Order is filed with the Court once the proceedings reach the Conditional Order stage. The terms of a Consent Order are legally binding and once granted, all claims relating to the marriage are dismissed, meaning that neither party can make any further claims in the future.  This will safeguard you in the event that your financial position improves in the future, for example if you were to receive any funds by way of an inheritance, acquire additional property or win the lottery!

If your divorce has been finalised, it is not too late to achieve a clean break.  It is a common misconception that your former spouse cannot make a claim on any assets or property you may acquire after the divorce.  This is untrue and there is no time limit on when they could make a claim.  We would therefore always recommend that you seek a clean break without delay, even if you have little or no assets at the present time.