When a marriage breaks down and the parties separate or initiate divorce proceedings, one of the main concerns is the division of the marital assets. The marriage may have been long or short. There may or may not be children. There is no exact science or mathematical equation that can be applied to the division of the assets and liabilities of separating couples. Instead, each parties’ individual personal and financial circumstances must be taken into account and therefore the outcome is different depending on the financial position of the parties. It is not appropriate to use as a guide the settlements reached by family or friends that have been in similar positions as their financial and personal situations are likely to be different from yours.
Before you can be advised as to a likely settlement you will need to provide details of your financial position to your husband/wife and your solicitor. This is called “disclosure”. This is where you supply documentary evidence of your financial circumstances. You must make full and frank disclosure in the form of P60, bank statements, pension details, credit cards etc. The starting point for the sharing of the matrimonial assets is an equal division. However, this is only the starting point, as this share could be varied up-wards or downwards depending upon the legitimate needs of each party. Some of the factors that affect the settlement are length of marriage, ages and health of the parties, earnings and potential future earnings, mortgage capacity and many more. If there are children involved, their needs must be given first consideration as it is essential that the children are adequately provided for.
Driver Belcher offers a strong dedicated family law team who can advise on all aspects of family law especially high value and complex financial cases. It is essential you receive legal advice tailored around your personal set of circumstances. We have a wealth of experience in this field enabling us to provide you with specialist legal advice and representation.
For further enquiries, please contact:
Tel: 01489 785737