Financial and Property Orders
There are no hard and fast rules
with regard to the division of financial and property assets on
divorce. However, there are a number of issues that the Court will
consider when deciding on the division of assets, including:
- Capital, income and other assets - first of all our family
lawyers will advise you to identify the full extent of your assets.
This will require you to have your home and other assets valued,
including an up to date valuation of pensions. The Court will look
at the income of the husband and the wife, and also their earning
capacity.
- Welfare of the Children will be the Court's first
consideration, in particular ensuring that the children's housing
needs, as well as their day to day needs, are met. Where there are
limited assets available, the children's main carer will usually
receive most or all of the liquid assets of the marriage to enable
them to re-house the children.
- Financial Needs to re-house the children, as well as the
husband and wife, will need to be estimated. It is usually
necessary for each spouse to prepare a breakdown estimating how
much they need to meet all of their outgoings on a monthly
basis.
- Differing contributions will be taken into account where either
the husband or wife had significant assets prior to the marriage,
or where one of them brought inherited assets into the marriage.
The husband and wife are viewed as having contributed equally to
the marriage, where one of them stayed at home to look after the
children whilst the other one worked.
Other issues that are taken into
account include: the ages and length of the marriage; the standard
of living before the breakdown of the marriage; and any physical or
mental incapacity.
For more information from
one of our specialist divorce solicitors, call Freephone 0800
387967 or 0161 429 8383, email oneillmorgan@oneill-morgan.co.uk
or submit a Quick Enquiry and we will get back to you.