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Divorcees urged to review assets security…

Divorcees urged to review assets security…

Divorced couples are being urged to review the security of their personal assets following a recent court case that saw an ex-wife try to stake a second claim for her ex-husband's assets.

The case in question saw an ex-wife go to the court of appeal earlier this month to claim for more of her ex-husband's assets after she felt the original settlement was unfair, despite the original divorce settlement being agreed back in 2012.

Although this particular case was thrown out by the judge on the grounds that the ex-husband had already paid his fair share, Tracy Cross, Partner and Head of Family, has warned that people should not assume they are in the clear following divorce.

She said: "While on the face of it this appears like a case that has a predictable and straight forward outcome, this really highlights the need for people who are going through a divorce to check that their assets are properly protected in the event of any further claims.

"A divorce itself does not necessarily mean that financial claims end, you have to have a financial order in place as well. So if anybody already divorced - particularly those who have gone through proceedings themselves to save money - isn't sure about the security of their assets, the best bet is to take legal advice to understand their options."

With the blurring of asset ownership that marriage can bring, Tracy also has some advice for prospective newlyweds to secure their assets.

"Surprisingly, there aren't many couples who look to get pre nups in place before they marry but you need to think about your financial situation now.

"It's worth thinking 'what would I want to happen if things didn't work out in the next five years?' If you're in any doubt that your hopes and visions don't match, then it's worth committing something legally in writing so that if things do go wrong, expectations are managed.

"The best thing is to never assume that you know what the law says. It's always better to seek professional advice that will enable you to make correct decisions first time round."

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