Financial divorce settlements – Who gets what?

If you find yourself in the sad position of going through a divorce, this is already difficult on a personal level but can be more complicated if you both have financial assets to divide that you cannot come to an agreement on.

Property in this sense includes all assets of the parties getting divorced, such as houses, cash, investments, shares in a family business, cars, expensive jewellery, furniture, pension entitlements, etc. Also considering money owed, such as mortgages, loans, overdrafts, credit card debts, etc.

What you are entitled to in a divorce settlement can depend on several contributing factors such as age, the length of the marriage, earning capacity, children, and more. Only in exceptional circumstances will the respective contributions of the parties be considered. Similarly, in dividing the property, the Courts generally do not take into account the behaviour of the parties.

The length of the marriage is important and the longer a couple has lived together the more likely it is that the property will be split equally.

However, judges have considerable discretion in such matters and there are no fixed rules regarding how matrimonial property is divided.

Most of the main property of a marriage can be readily valued, for example by obtaining an estate agent’s valuation of the family home. Ownership of a business or shares in a family company is typically more difficult to value and expert advice is often required to provide a valuation for the business or shares therein.

Pre-nuptial agreements entered into before marriage allow a couple to plan how property will be accounted for should the marriage break down. However, this is a developing area of the law and legal advice should be taken before considering such agreements.

Within the Pierce Forensic Team, we have experts with a wealth of knowledge to guide you through what can be a difficult time and hopefully make the divorce settlement process a little less complicated and troubling. Contact us on 01254 688 100.