It is a red-button issue for many couples who are separating; who gets what in relation to assets such as houses, cars, retirement funds and savings.
Divorce law in the UK is governed by the Matrimonial Causes Act 1973, which outlines the rules for dividing assets and determining financial settlements when a couple separates or divorces. When a marriage breaks down, the couple’s assets, including property, savings, pensions, and investments, need to be divided fairly between them. This process is known as a financial settlement.
The court considers a range of factors when deciding how to divide assets in a divorce, including each partner’s financial needs, earning capacity, contributions to the marriage, and the welfare of any children involved. The primary goal of the divorce court is to achieve a fair outcome for both parties.
So, if you have concerns about getting a fair outcome for yourself following a divorce, you need to call our team.
At Prentice Family Law, our divorce solicitors in Weybridge have extensive knowledge of the divorce process and how funds and assets are divided. We will use our expertise to ensure that you get what you are legally entitled to and that your needs are met throughout the process.
With that in mind, what is considered by a divorce court when it comes to dividing assets? Here, our divorce solicitors in Weybridge answer that question.
According to our divorce solicitors in Weybridge, the first step in the process is for both partners to provide full and frank financial disclosure. This involves providing details of all their assets, income, and liabilities. This information is used to determine the value of the matrimonial assets, which are the assets that have been acquired during the course of the marriage. These assets are then divided between the couple.
If your partner refuses to disclose this information, our team will need to liaise with their legal representation.
The divorce court will consider a variety of factors when deciding how to divide your joint assets. For example, if one partner has significantly higher earning potential than the other, they may be awarded a larger share of the assets to reflect their greater financial contribution to the marriage. Similarly, if one partner has made a significant contribution to the care of any children, they may be awarded a larger share of the assets to reflect their contribution.
In addition to dividing assets, the court may also order one partner to pay maintenance or support payments to the other. This is usually the case where one partner has a greater need for financial support, for example, if they are the primary carer of any children involved.
Can a decision be appealed?
It is worth noting that the court’s decision is not binding and can be challenged or appealed if either partner feels that it is unfair. In addition, it is possible for couples to agree on a financial settlement outside of court through a process known as a consent order. This involves both partners agreeing on how to divide their assets and presenting this agreement to the court for approval.