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Oct 12, 2023 · In the UK there is no statutory formula to say that the wife gets the family home or the husband keeps his pension or business. Instead, divorce solicitors have to look at all the circumstances and the section 25 criteria. If a couple has dependent children, then the divorce settlement will be shaped by the children’s needs.
- Divorce After A Long Marriage
- A 'Short' Marriage
- Age
- Pre-Marital Cohabitation and Financial Settlements on Divorce
Parties divorcing after a long marriage face particular issues. They may be nearing retirement age and so there is likely to be a focus upon their pension provision and capital security as they will have fewer 'working years' in which to build up savings. The court may feel a wife or husband in his or her fifties or sixties, who has been a homemake...
Where a marriage has been short and there are no children, a financial clean break order may be required by the court. In the case, for example, of a two-year marriage with no children, the court is more likely to conclude that the parties should be financially self-supporting either immediately or within a defined period of time than if the partie...
Age is a related factor. The court will look at this in terms of the parties' respective positions in the labour market and the stage they have reached in their chosen career, as well as their ability to retrain to re-enter employment if they have taken time out to care for children or elderly relatives.
The relevant section of the Matrimonial Causes Act 1973 is section 25(2)(d). This refers explicitly to "the duration of the marriage" as a relevant factor in determining a financial settlement. However, when an extended period of cohabitation leads seamlessly into a marriage (or civil partnership), the period of cohabitation will 'count' towards th...
- Katie.Lowe@jmw.co.uk
- Partner
Getting a financial agreement. When you divorce or end a civil partnership you and your ex-partner need to agree how to separate your finances. This includes deciding how you’re going to divide ...
Jan 31, 2018 · All contributions to the marriage, including child rearing, are considered in the financial settlement. When examining the split of all assets, the starting point is 50/50. However, the Court has broad discretion and will consider all aspects of your case with a primary focus on provision for children and housing needs.
Feb 16, 2024 · There is no guarantee that you will get half the assets when you divorce. You may get less than half or you may get more than half. Every family is different and although the court starts from the premise that assets should be shared equally there are many reasons why a financial court order might be made that does not equally divide the assets ...
Consent Order. A Divorce Consent Order details the assets you currently own. It also formally shows the court how these assets will be divided. This include your savings, pensions, and other assets you own such as property. A Consent Order ensures that your ex-spouse can’t make any financial claims against you in the future.
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Using the Divorce and money calculator. If you’re thinking about getting divorced or dissolving a civil partnership, our calculator can give you an idea of your financial situation before a potential divorce settlement. It’ll also help you work out what you have, what you owe and how you might split assets and finances.
