Even if relations remain amicable, divorce is never an easy option. When looking at the process and the costs involved, some couples decide to manage things themselves via a DIY divorce, especially since the introduction of no-fault divorces. At first glance, this can appear a more appealing and cost-effective solution, but it is essential to understand the potential financial risks and pitfalls involved.
What is a DIY divorce?
A DIY or ‘Do It Yourself’ divorce involves a married couple moving through proceedings without the support of a professional lawyer. This typically means you agree on how assets will be divided, child custody arrangements and other issues like pension protection. The divorcing couple will then submit the necessary legal applications on their own.
This approach can save money on legal fees, making it an attractive option for couples who have limited assets or no children. However, it also places the responsibility of navigating the legal system on the couple, which can leave some people unsure about their rights and whether decisions are fair to each party.
What are the financial risks of a DIY divorce?
One of the biggest financial risks of DIY divorces is unfair or incomplete settlements.
Without professional legal support and advice, one or both parties can misunderstand what they are entitled to, such as pensions, savings and property. This often leaves one party at a disadvantage, including not accounting for future changes in their circumstances.
A DIY divorce can also enable non-disclosure of assets, increasing the chances of costly future legal disputes. This can be avoided if a lawyer is involved from the start.
Can you get a divorce without a financial settlement?
While you can get a divorce without a financial settlement, it is not typically recommended if you want to safeguard your future. A divorce settlement (known as a consent order) is approved by a court to make it legally binding. It covers everything from pensions and property to investments, savings and child maintenance agreements.
Without this agreement, an ex-spouse could try to submit a financial claim against you years after the divorce is finalised (even if things were amicable at the time). Legally binding financial settlements ensure everyone is clear on their rights and obligations both now and further down the line.
What are the benefits of hiring a divorce lawyer?
Hiring a divorce lawyer is the easiest way to give yourself financial protection from future claims while ensuring you reach a fair outcome when separating from your spouse. Family lawyers help with the full disclosure of assets, including correct property valuations. Divorce solicitors also support couples through the complexities of the process to save them time, stress and costly mistakes.
Contact our family lawyers
At Bellwether Solicitors, we work with a wide range of clients. We cover divorce and separation, financial settlements, and family law in Kingston-upon-Thames, Surbiton and surrounding areas.
To arrange a chat with our divorce solicitors, contact us here.
