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Oct 12, 2023 · For example, a wife who has been married 20 years may be entitled to half of all the assets (sometimes over 50%) but a wife married for 12 months, and who signed a prenuptial agreement before her marriage, may end up with a very modest divorce settlement.
- 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
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.
A guide to the law on fair financial divorce settlements. Includes Section 25 of the Matrimonial Causes Act and the principles of fairness, needs and contribution.
Understanding the 11 ways to reach a financial settlement on divorce, the advantages and disadvantages of each option and, ideally, agreeing which dispute resolution method(s) to try - even if you don't agree on the divorce settlement, will save you both a lot of time, stress and money.
- Matrimonial assets, also known as marital assets, are the financial assets that you and your spouse built up during the period of marriage. This is...
- Non-matrimonial assets are financial assets which were acquired before or after the period of marriage. Each of the examples above, if acquired out...
- Not necessarily. A divorce settlement and division of assets will depend on various specific circumstances and pre-arranged agreements that might b...
- Not always and this is a common misconception. It is not a rule that matrimonial assets must be split 50/50 on divorce; however, it is generally a...
- Yes, if you and your spouse have accrued any debts during the term of your marriage, these will also be split as part of your divorce financial set...
- Before any discussions about financial settlements on divorce, you must first work out exactly what your assets are in the eyes of the court. Here...
- Yes. It is mandatory that all assets are declared before divorce proceedings get underway. This includes both joint and sole assets. Attempts to hi...
- How matrimonial assets are divided is ultimately the court's decision; they will seek to do so in a way that is as fair and balanced as possible. I...
- To make your divorce settlement agreement legally binding, you should draft a consent order and get it approved by a court. This is important becau...
How to calculate a fair divorce settlement. This includes dealing with properties, pensions, savings and investments, debts, businesses, household contents and personal belongings, together with income claims (maintenance).
People also ask
What is the law on fair financial divorce settlements?
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As a family law solicitor, I receive many questions from couples seeking a divorce. Working out the division of assets can often be complex, let alone understanding your rights. Here are the most common questions I receive from clients when discussing financial settlements in divorce.
