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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.