Financial Settlement After 5 Years of Separation

No-fault divorce has made it easier for couples to divorce after 5 years of separation, but many mistakenly believe that all financial ties end once the divorce is complete.

There is no time limit on financial claims, and an ex-spouse can make a financial claim at any time, even years after divorce.

Divorce financial settlement after 5 years of separation should divide marital assets and liabilities, including property, savings, pensions, and debts.

At Wembley Solicitors, our specialist divorce lawyers provide expert advice on divorce financial settlements, including asset and property division.

Need help with a financial settlement after 5 years of separation? Call our family law solicitors in London at 0203 417 3700 for help with financial claims.

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Understanding financial settlement after 5 years of separation

A financial settlement after 5 years of separation ensures that financial ties between ex-spouses are legally resolved.

There is no time limit for making claims, so without a Consent Order or Clean Break Order, an ex-spouse can make financial claims at any time, even years after divorce.

If both parties agree, a Consent Order finalises the settlement and prevents future claims. If disputes arise, mediation or Court intervention may be needed.

What is a financial settlement in a divorce?

A financial settlement is a legally binding agreement to divide money and assets and provide financial support after a marriage ends.

Once you and your ex-partner agree on the division of money and assets, you must apply for a consent order to make it legally enforceable.

To legally bind your financial agreement, our specialist divorce solicitors will draft a consent order on your behalf and ask the Court to approve it.

Is there a time limit on financial settlement after divorce?

There is no set time limit for a financial settlement after divorce, but settling finances early with a Consent Order prevents future claims.

Without a financial order, an ex-spouse can claim assets years later. Spousal maintenance claims must usually be made before remarriage.

How long do you need to be separated before divorce in the UK?

On April 6th, 2022, the new Divorce, Dissolution and Separation Act 2020 (DDSA 2020) came into effect, introducing "no-fault divorce."

Under the current no-fault divorce law in England and Wales, there is no minimum separation period required before filing for divorce. You can apply as soon as you decide your marriage has irretrievably broken down.

What’s changed about using separation as a ground for divorce?

Before the no-fault divorce law:

• 2-Year Separation – Couples could divorce with mutual consent.
• 5-Year Separation – Divorce was allowed without the other party’s consent.

Now, you don't need to separate for a certain time to get a divorce. Separation, regardless of duration, is no longer a prerequisite for divorce.

How are assets divided after 5 years of separation?

A five-year separation does not automatically end financial ties between ex-spouses. Without a formal financial settlement, assets may still be subject to division.

Financial settlements are not always a 50/50 split as the Courts consider several factors, including:

• Length of the marriage
• Financial contributions of both parties
• Future financial needs
• Childcare responsibilities
• Pensions and savings

To prevent future financial claims, a Final Financial Order (Clean Break Order) must be obtained.

What assets are considered in a financial settlement?

When dividing assets after 5 years of separation, a financial settlement will typically consider a variety of assets and financial factors, such as:

• Property: Any homes or real estate you own together.
• Savings & Investments: Joint/individual savings, ISAs, stocks, bonds.
• Pensions: Pension plans accumulated during marriage.
• Business Interests: Value of any business or shares owned.
• Debt: Mortgages, loans, credit card debt.
• Income: Salary, bonuses, rental income, and other revenue.
• Personal Property: Cars, jewellery, antiques, or art collections.
• Family/Inherited Wealth: Inherited assets or gifts.
• Child Maintenance: Payments for children’s support.
• Other Assets: Insurance policies, life insurance, etc.

What happens to pensions after 5 years of separation?

Pensions are a major asset and can be split through pension-sharing orders. Courts consider the value of pensions and may redistribute them between spouses.

What happens if we both agree on financial matters?

If you and your ex-partner agree on how to divide assets, you can submit a consent order to the court. Once approved, it becomes legally binding and protects both parties from future claims.

A consent order is a legal financial agreement between divorcing parties that outlines how to divide the money, property and other assets after a marriage ends.

Need assistance with drafting a legally binding consent order? Contact our divorce financial settlement solicitors in London at 0203 417 3700 today.

What if my ex-partner refuses to cooperate?

If your ex-partner refuses to negotiate, you may need to seek mediation. If mediation fails, you can apply to the court for a financial remedy order. A judge will then decide how assets should be divided.

What if you can’t reach an agreement?

If you can't agree, you might need mediation or court intervention. A judge will then decide how to split your assets. This can be long and expensive, so trying to agree outside the Court is better.

What if your ex-partner cannot be found?

If you can't find your spouse after a long separation, you ask the Court to proceed with your divorce, dissolution, or nullity of judicial separation proceedings without the papers being served on the other party. You'll need to submit Form D13B to show you tried to find them.

Do I need a solicitor for a financial settlement after 5 years of separation?

You are not legally required to have a solicitor for a financial settlement after 5 years of separation, but it is highly recommended.

Without a financial order, an ex-spouse can still claim assets. Legal advice ensures a fair settlement, court approval, and help with disputes if needed.

Key Considerations:

• No Time Limit on Claims – An ex-spouse can claim assets without a financial order.
• Complex Assets – Legal advice ensures a fair and enforceable settlement.
• Court Approval – A solicitor helps draft a Consent Order for legal finality.
• Disputes – If one party disagrees, A solicitor assists with negotiations and court representation.

Our family law solicitors can assist with your divorce financial settlement in the following ways:

• Advise on your legal rights and options regarding assets division, spousal maintenance, and child arrangements.
• Help negotiate with the other party or their solicitor to reach a fair settlement.
• Draft a legally compliant consent order outlining the settlement terms.
• Ensure the agreement complies with UK family law and is enforceable.
• Submit the consent order to the court for approval and legal binding.
• Safeguard your financial interests and protect them from future claims.

Looking for a specialist financial divorce solicitor in London? call Wembley Solicitors at 0203 417 3700 for expert guidance on divorce financial settlements.

Contact family law solicitors

Contact our specialist family law solicitors in London at 0203 417 3700 for expert advice and guidance on financial settlements and asset division.