Although obtaining a divorce is much simpler now with the advent of the 'No Fault' Divorce Bill, the dividing of assets can still be a headache.
In the UK the starting point for dividing the assets on divorce is 50/50. However, how the assets are split will vary as each case is unique.
How the matrimonial assets are divided will depend on the parties’ circumstances and their needs. If a couple cannot come to an agreement then the Family Court will make an Order based on :-
(a) the income, earning capacity, property and other financial resources which each of the parties to the marriage has or is likely to have in the foreseeable future, including in the case of earning capacity any increase in that capacity which it would in the opinion of the court be reasonable to expect a party to the marriage to take steps to acquire;
(b) the financial needs, obligations and responsibilities which each of the parties to the marriage has or is likely to have in the foreseeable future;
(c) the standard of living enjoyed by the family before the breakdown of the marriage;
(d) the age of each party to the marriage and the duration of the marriage;
(e) any physical or mental disability of either of the parties to the marriage;
(f) the contributions which each of the parties has made or is likely in the foreseeable future to make to the welfare of the family, including any contribution by looking after the home or caring for the family;
(g) the conduct of each of the parties, if that conduct is such that it would in the opinion of the court be inequitable to disregard it;
(h) in the case of proceedings for divorce or nullity of marriage, the value to each of the parties to the marriage of any benefit which, by reason of the dissolution or annulment of the marriage, that party will lose the chance of acquiring (typically a pension).
The financial issues can be very difficult to resolve. The matrimonial assets which funded one household suddenly have to try to fund two households.
The court has the power to order a lump sum payment or other financial payments such as periodical payments which are sometimes known as spousal maintenance. However, the court has a duty to try to provide the parties to be independent of each other as soon as possible.
Untangling and distributing assets in a fair, reasonable way can be extremely difficult for a divorcing couple (what one spouse may regard as fair may differ to how the other party sees it). Put a business, property portfolio or inheritance issues into the mix, with all the tax implications and resolution may seem impossible.
That is why Acclaimed Family Law have highly skilled solicitors, with expertise in finances on divorce who will guide and support you through the process from start to finish. With a support team on hand out of hours for support and advice, you know you are in good hands.
But don’t take our word for it – read our amazing client testimonials and book a free 30 minute consultation or call 01145517555 and fix your future today
Client Testimonial
"I was concerned that due to the long length of my marriage and relative complexity of our finances, which combined personal and business assets on both sides, that I needed a solicitor with some experience of understanding and untangling personal and small business finance.
Michelle was very understanding and listened carefully to me as I explained my situation, she explained my options to me in a very clear way and explained what would happen depending on which option I chose. She came across straightaway as someone who had great knowledge of her job. I haven’t had any previous experience on getting divorced (thankfully) but the solicitor that my ex used was very slow and I got the impression it was just a job to them which made me so grateful that I had a firm that cared at what was a very emotional and stressful time for me. Michelle’s assistant jill Raine was also excellent, she kept me informed at every stage and nothing seemed too much trouble." Mr L