If a couple is getting divorced, and a prenuptial agreement is not in place, then the law concerning division of assets upon divorces is one that is complex and requires legal knowledge. Often you will find that divorce settlements are not 50-50 and therefore this results in the divorce settlement being contested.
The courts apply Section 25 of the Matrimonial Courses Act 1973 when finalising financial claims involving property, savings, pensions and maintenance. They may also look at case law to make decisions.
How Are Assets Divided in a Divorce Settlement?
As mentioned, the court looks at section 25 of the Act, to decide how to settle a divorce, which includes:
- Earning Capacity, Income, Property and Financial Resource available to both parties or what they will potentially have in the future
- Financial needs, responsibilities and obligations of both parties to the marriage and foreseeable future
- The standard of living before the marriage broke down
- Age of both parties and the length of marriage
- Contributions made to the welfare of the family, including looking after the home or caring for children
- In the case of a divorce, the value of any benefit either party will stand to lose, such as a pension.
What kind of Court Orders can be made during a divorce?
During a divorce settlement, judicial separation or dissolution of a civil partnership, the Court has the authority to make an assortment of orders, which include:
- Payment in lump sum
- Sale or transfer of property
- Pension sharing
- Spousal maintenance
- Child Maintenance
Since every marriage is unique it means that every divorce settlement is different. The court will take all circumstances into consideration before deciding on the divorce settlement. It will rarely be the case that the assets are to be divided 50/50 in a divorce. There may be some cases where an equal division of assets is appropriate, where as many will not see this to be the case.
What does the Court consider before deciding the division of assets?
Since the court draws upon Section 25 of the Act, plus case law, the court could take the following situations into consideration:
- Welfare of Children
- The Availability of Capital and Income
- Both Parties’ Financial Needs
- Length of Marriage
- Age of both parties
- Bad Behaviour from any parties
- The Living standard during the marriage
- Physical or Mental Incapacity of the parties
- The loss of any benefit
- Contributions made to home and child care
How JMR Solicitors Can Help with the division of assets during a divorce
Our Family Law team at JMR solicitors can handle your divorce with discretion and care.
For more information and advice on divorce settlements and separation, contact us on 0161 4913933 or email email@example.com.