How are Assets Divided in Divorce? Divorce Lawyers Berkhamsted, Amersham & Beaconsfield
No two divorces are the same and, as a result, there is not a comprehensive set of rules setting out how your assets and those of your ex-spouse will be shared out. There are a wide range of factors the court will consider when deciding what a fair settlement will look like. By instructing a divorce solicitor from Breakthrough Family Law you can be sure you will receive straightforward, jargon-free advice. Our team are committed to developing a robust strategy for you to help protect your position and to retain your assets after divorce, through considerate negotiations with your ex-spouse.
What is the court’s first consideration when deciding a financial settlement?
The priority will be the welfare of any children of the family, with the court looking at the child’s needs and how these will be met. In some cases, for example, this might mean it is decided that the parent who has day to day care of the children should retain the family home. After this, the court will go on to look at other factors when deciding how assets should be divided up.
After considering the needs of any children, what other factors will the court look at?
There is a list of factors set out in section 25 of the Matrimonial Clauses Act 1973 that will then be taken into account by the court when deciding how assets should be shared. These are:
- Any financial needs, obligations and responsibilities that the spouses have, or are likely to have in the near future
- Any income, earning capacity, property and other financial resources that the spouses’ have, or are likely to have in the foreseeable future
- The standard of living that the family enjoyed before the divorce
- The age of the spouses and the length of the marriage
- Any physical or mental disabilities that the spouses have
- Contributions made by the spouses to look after the home or care for the family, and any contributions they are likely to make in the foreseeable future
- The value of any benefit that the spouses would lose as a result of the marriage ending
- The conduct of each spouse if one or both have behaved in such a way that it would be unfair for the court to ignore it
What will happen to the family home?
As discussed above, the needs of any children come first. This can mean that it is decided the children and the parent with day to day care should stay in the family home. If the home is seen to exceed the needs of the children and resident parent, the court may decide that it can be sold, with the profits shared between the spouses.
What will happen to my business?
A business is considered an asset in the same way as other property and will be factored into any settlement. The value of your business will be looked at along with other family assets when deciding on a fair settlement.
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