What factors decide how assets are separated on divorce?

There are many factors that will be taken into account when deciding how capital assets and available income will be divided on divorce.

Children under the age of 18

Throughout divorce financial settlement proceedings, primary consideration is given to the financial needs of children who are under the age of 18. Where possible, the family court will always ensure that the financial needs of children of the family are met.

Income and capacity to earn

The court will consider each spouse’s current level of income however will also determine whether either spouse has the ability to generate a higher salary in the future. Spouses will be expected to do all that they can within reason to improve their financial position.

Property assets, savings and pensions

In the case that one spouse has a pension and the other does not, the court may consider sharing the pension between the spouses so that the financial needs of both parties are met in retirement.

The court will be keen to ensure that children of the family are housed in suitable accommodation. If one spouse owns a property and the other does not, the court could therefore order that the property be sold to enable both spouses to purchase separate homes.

Standard of living

The standard of living enjoyed prior to separation may not always be maintained. The separating couple’s financial resources will directly determine whether they are in a position to maintain their previous lifestyle.

Health condition

If one spouse is in poor health and requires care or is unable to work, the other spouse may be required to assist in their support if they have the financial resources to do so.

Conduct

Conduct throughout the marriage will have very limited relevance in the resolution of financial matters. Behaviour such as infidelity or behaving unreasonably will not usually be taken into account however in circumstances where one spouse has been exceptionally irresponsible in relation to financial matters, this may be an influencing factor.

If you are contemplating divorce it is important to seek specialist family law advice before making any arrangements in relation to financial and property matters.

For more information, or to discuss any aspect of family law, contact Janine Hutson on 01772 258321 or at janine.hutson@harrison-drury.com