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Divorce and Money

How can I hide money before divorce?

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Scott
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Scott Nelson

Managing Director

MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.

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Janine
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Janine Marsh

Financial Expert

Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.

Learn more about Janine
· Feb 7th, 2024
Chat with a Solicitor who will answer your Divorce questions.

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hide money before divorce

Are you worried about how your money will fare in a divorce? Trying to safeguard your finances? We’re here to help at a challenging time. 

Each month, over 8,700 people visit our website seeking advice on matters just like this one. So, you’re not alone.

In this article, we’ll explore:

  •  The need to declare assets in a divorce
  •  How you can protect your money during a divorce
  •  The penalties for hiding assets in a divorce

We’ve got a team with firsthand experience of divorce; they understand how tough it is to face these financial fears.

Rest assured, we’re here to help you navigate this journey, providing you with the best advice to protect your finances in a divorce in the UK in 2023.

How to save money on divorce fees 

How to save money on divorce fees 

Divorces are hard to handle, but the financial repercussions can make a bad situation feel even worse.

The solution? Understanding your next steps and exactly how much they’ll cost.

For only £5, JustAnswer offers a trial chat with an experienced divorce solicitor. They can help you navigate the process and save you from costly face-to-face lawyer fees.

Chat below to get started with JustAnswer

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Do you have to declare assets in a divorce?

Yes, you do! Both parties in a divorce must declare all their assets before the divorce proceedings start. 

Both parties must declare the following:

  • Joint assets
  • Sole assets

When one party tries to hide money before a divorce, they could be hit with a hefty fine. The court may see the action as attempting to reduce a matrimonial pot so a spouse doesn’t get their fair share.

The outcome? A court may rule that the spouse gets a larger share of the remaining ‘pot’ than you do.

What’s the penalty for hiding money in divorce proceedings?

First, there are potential criminal penalties to consider. Second, you may face civil remedies, which family courts have the power to impose.

A family court could:

  • Reduce your share of the matrimonial pot
  • Get you to pay your spouse’s legal costs

» TAKE ACTION NOW: Get legal support from JustAnswer

How can I protect my money during a divorce?

I recommend you seek advice from a family law solicitor if you’re worried your spouse will raid and empty joint accounts. A solicitor will help you with divorce financial planning and make the court aware of the situation.

Besides divorce financial settlement advice, the solicitor can request the court place a freezing order on your assets.

Do you need a consent order to divorce in UK?

Having a consent order when you divorce is much wiser, especially when you want to protect your assets and money. First, you must draft a consent order. Next, have it legalised by a court.

A consent order is a legally binding agreement that cuts all financial ties with your ex-spouse. 

Is a consent order mandatory in divorce proceedings?

No, a consent order is not mandatory in divorce proceedings. However, without it, any agreement between both parties is not legally binding. In short, you and your spouse are financially tied after a divorce without a legalised consent order in place.

Worried About Divorce Finances?

Divorce can be complicated, especially when it comes to navigating the cost. One small error could lead to serious consequences.

But, the support of a good solicitor can help you to understand your next steps.

For a £5 trial, JustAnswer’s online divorce solicitors can help you understand your rights and guide you towards the best financial solution for you.

Get started

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Inheritance and divorce UK

If you receive inheritance sometime after the divorce, your spouse could claim part of it because the financial ties are still in place! Inheritance can be considered matrimonial assets if they were integrated into the matrimonial pot during the marriage for the couple’s joint benefit.

Without a consent order or final settlement, your spouse could claim money and assets from you a few years down the line.

Mediation services and divorce

No matter what stage you are in divorce proceedings, mediation services can help ease the process. Enlisting the help of a mediator isn’t mandatory, but it can help you and your ex achieve fair financial settlements outside of court. From my experience, a mediator could help you save time and money.

Getting the support of a Solicitor can take a huge weight off your mind.

Get started

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How long does it take to get a divorce consent order?

It depends on the courts. Some take longer to process the documents than others. That said, it can take 6 to 10 weeks for a court to approve your consent order when you divorce.

Could a judge reject a consent order?

Yes. If a judge thinks a consent order is unfair, they can reject it. However, a judge only approves an order when they are satisfied that both parties receive a fair share.

Once a consent order is approved, it’s sealed and becomes legally binding. My advice? Speak to a family law solicitor and get some legal assistance.

Can I challenge a consent order?

You can appeal a consent order when you believe the court made a mistake. If you wait too long and you miss the time limit deadline to appeal, you will need to apply for permission from the court. The process can be tricky, to ensure you follow the right steps, speak to a family law solicitor. They will protect your best interests.

How long does a financial consent order last?

A financial consent order lasts forever unless one of the parties applies to have the order ‘set aside’, and succeeds.

Child maintenance and divorce

When the consent order includes child maintenance, this part of the order is only legally binding for 12 months. After 12 months, either party can make a formal referral to the CMS. This referral must be made to nullify the child maintenance clause of a consent order.

The Child Maintenance Service (CMS) then calculates the amount due and enforces the payments. They consider factors such as how many kids the paying parent must pay maintenance for and shared care arrangements.

As you can see, this MoneySavingExpert forum user spoke to their solicitor and received confirmation that they could approach the CSA, the Child Support Agency (which was replaced by the CMS in 2012), for help with Child Maintenance.

Divorce Doesn’t Mean Financial Ruin

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Legal advice can make all the difference when navigating the financial aspects of divorce, and affordable help is within reach.

Normally, the cheapest solicitors in the UK will put you back at least £130 per hour.

But, for a £5 trial, a divorce solicitor from JustAnswer can review your situation and provide personalised guidance. It’s a no-brainer!

Try it below.

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The authors
Scott Nelson Profile Picture
Author
MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.
Janine Marsh Profile Picture
Financial Expert
Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.