Isn’t there a time limit on financial claims after divorce?
The quick answer to that question is no, there isn't! The decision came in last week on a case where the wife made a financial claim over 20 years after the divorce. By the time of the claim the husband was a millionaire. She was eventually awarded some money although a very small proportion of his reported fortune. However, he was perhaps very unhappy she got anything.
People often think that a final decree of divorce, or decree absolute, means all claims are ended but that's not so - as this case has finally very publicly highlighted.
We are finding that people are more frequently now doing 'DIY' divorces because they are cheap and relatively easy. They may well be - however, if you don't have proper advice you run the risk that you won't adequately future proof yourself against claims.
If there is an agreement at the time of the divorce, or no money or assets to divide, get any agreement committed to in writing and approved by the court. This is called a consent order and should record the fact that after decree absolute there can be no further claims. It's the only way to be certain there never will be. It may cost a few hundred quid however, think of it as an insurance policy. It's better to speak to a solicitor about your needs. Most will give you a fixed price for the work and you have peace of mind for the future. Well worth it I would say.