Dividing the finances when a marriage breaks down is often one of the most stressful parts of the process. For many, the question is: how will the assets be divided?
It’s a reasonable concern, but it’s important to address it upfront: the idea of an exact 50/50 split in a divorce is a common misconception. In the UK, the courts prioritise fairness over equality.
Does the law always guarantee a 50/50 split in divorce?
The law surrounding the division of assets during a divorce in England and Wales doesn’t follow a strict pattern. Instead, it operates on a discretionary basis, with the main goal being to ensure that the financial needs of both parties are met.
The starting point is usually equal, but that doesn’t mean assets will always be split evenly. Every case is measured on its own circumstances, and it’s often up to the parties involved (or the courts) to determine if there are reasons to change from an equal split.
What does ‘fairness’ look like?
The court’s aim is to achieve a fair outcome, which might mean one party receives more of the assets than the other. To ensure this process is transparent, both individuals must provide full details of their financial situation, including all assets, income, and liabilities.
Transparency is key, as it allows both sides and the courts if needed, to make informed decisions about what is fair.
What factors influence the outcome?
The division of assets depends on many factors, and the courts have discretion in their decisions. Here are some key considerations:
- The welfare of any children: The needs of any children are always the top priority.
- The financial resources available: This includes income, and any other assets.
- Financial needs and obligations: Both parties’ current and future financial responsibilities are taken into account.
- The length of the marriage and ages of the parties: A longer marriage or older age can influence decisions.
- Physical or mental health: Any disabilities or health issues affecting earning capacity or needs are considered.
- Contributions to the marriage: This includes financial contributions and non-financial ones, such as caring for the home or raising children.
Because every marriage is different, the outcome in financial settlements will differ from case to case.
Why legal advice is essential
Navigating the division of assets during divorce can seem daunting, but legal advice can make the process easier. Even if you and your spouse agree on the division of your assets, it’s crucial to ensure that your agreement is legally binding by having it made into a consent order.
This step protects both parties and ensures the agreement is both fair and enforceable. Without legal advice, you risk complications or the court rejecting your agreement.
How DMA Law can help
At DMA Law, our experienced family law team can provide clear, tailored advice to guide you through the financial elements of your divorce. Whether you’re negotiating an agreement or need representation in court, we’ll will help you achieve the best possible outcome for your circumstances. If you’d like to discuss your situation or find out more, please get in touch.
