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- Alan and Vicky, London. Alan and Vicky have been married for three years. They do not have any children. When they got married, they both had successful careers as lawyers and earned around £50,000 each.
- Fran & David, Surrey. Fran and David have been married for 20 years. They do not have any children. Fran is an artist but has rarely made any money from selling her artwork.
- Camilla & Hector, Bristol. Camilla and Hector have been married for 16 years. They have two children who are in sixth form and considering universities.
- Charlotte & Rory, Surrey. Rory and Charlotte have been married for 30 years. They have five children who have all grown up and left home. Rory is the CEO of a car manufacturer and earns a basic salary of £1 million per year with regular bonuses of a further £3 million per year.
Legal Framework and Divorce Settlements. Divorce settlements in the UK are governed by a specific legal framework. The Family Law Act 1996 and the Matrimonial Causes Act 1973 are key pieces of legislation. They provide the basis for how assets are divided and maintenance is determined. The court plays a pivotal role in this process.
- How to Reach A Fair Financial Divorce Settlement
- How Will My Assets Be Valued and Divided in A Divorce Settlement?
- What Are Matrimonial Assets?
- What Are Non-Matrimonial Assets?
- Is My Partner entitled to Half of My Inheritance?
- What About Income in A Divorce Settlement?
- Are Assets Split 50/50 in Divorce?
- Can I Stop My Assets Being Included in The Divorce Settlement?
- Will My Partner Get A Share of My Pension If We Divorce?
- How Is Debt Divided in Divorce?
How you reach an agreement over the division of your assets will depend on the circumstances of the case. You need to create a list of assets and their values. If your assets are straightforward, you may be able to come to an amicable agreement directly or through mediation. For more complex matters, you may need the services of a specialist solici...
It is only in very exceptional circumstances that the conduct of each person is relevant when dealing with financial matters. The factors influencing how your assets are divided include: 1. Whether or not you have children– their financial needs as well as other factors that may affect their future wellbeing 2. The length of time you have been marr...
Matrimonial assets are any assets that you, and your partner, acquired during the course of your marriage. They can also be assets acquired during any time you lived together before you got married (‘pre-marriage cohabitation’). Your combined assets must be divided fairly in the divorce - even if one partner earned more or contributed more financia...
Non-matrimonial assets are assets acquired before you got married or after the date of your separation. It is often the case that such assets have not been mingled during the marriage with the person’s husband or wife. Non-matrimonial assets can also include assets acquired after the marriage. Assets might be gifts, an inheritance or as simply as c...
A judge will not necessarily include an inheritance in your financial settlement, but will consider the needs of those involved. If you received your inheritance while you were married, the courts are more likely to include it as part of the settlement, but if it was received after your marriage broke down, they are more likely to exclude it.
As well as capital assets, such as those listed above, your income will also be relevant. ‘Income’ includes: 1. Earned income (from employment and self-employment) 2. Investment income – ‘dividend’ income from any shareholdings 3. Pension income 4. Benefits 5. Income from any trust of which you are a beneficiary 6. Rental income from any ‘buy to le...
Assets are not automatically split equally in a divorce. The court will look to formulate a fair financial settlement taking into account all of the circumstances in the case and in particular the following factors: 1. Income and assets (now and in the future) 2. Financial requirements – often termed ‘needs’ 3. The standard of living during the mar...
If you think something should be considered a non-matrimonial asset during your divorce, you can make a request to the court for it to be considered such and potentially excluded from the settlement. This might be appropriate if: 1. you received an inheritance, or are due to receive an inheritance, after you separated from your partner 2. you owned...
If you paid into a pension during your marriage, your spouse may be entitled to some (or potentially all) of it through a ‘pension sharing order’. Pensions are often seen as joint ‘savings for retirement’ and so fall within the savings and investment part of the matrimonial assets. A pension sharing order (PSO) is issued by the Court, and states ho...
Any debts that either party has (or the parties jointly have) must be taken into account when dividing the assets on divorce. Your financial documentation should evidence any debts you and your partner have and whether they are held individually or in your joint names. The court can consider if debts in one party’s name should be treated as joint d...
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Jun 2, 2024 · What am I entitled to in a divorce settlement? How does the court decide what is a fair divorce settlement? Can an ex husband, wife or civil partner claim for property after a divorce? How do we separate our finances in a divorce? Does getting a divorce cut my financial ties with my ex? Related content: How to cut the cost of divorce
Nov 3, 2023 · Discover the ins and outs of financial settlements in divorce, including typical UK settlements and what your spouse is entitled to in a fair settlement.
Feb 13, 2024 · A financial settlement is a step in the divorce process or civil partnership dissolution. It’s when you and your ex-partner discuss and agree on how your money, assets and financial responsibility will be split between you.
Jul 24, 2024 · A divorce settlement setting out how assets and property is to be shared at the end of a marriage or civil partnership needs to be incorporated into an official legal agreement to protect both parties from any future financial claims they have against each other.
