Ideally, divorcing couples should be able to agree upon a financial settlement on divorce; however, for many, particularly those involved in an acrimonious and contentious separation, this may be impossible.
In such a situation, divorcing couples should in the first instance attempt family mediation. If this is unsuccessful then they would need to apply to the courts for a financial remedy order – an uncertain and stressful situation for the primary parties involved.
Division of assets on divorce is never straightforward. Although courts generally begin with the notion of a 50:50 apportioning, the more nuanced reality is that they will seek to divide assets in a way that is fair and reasonably considers the needs of all parties involved, including children.
The Matrimonial Causes Act 1973 provides important clarification of the way that division of marital assets should be carried out. While the needs of any children involved are always considered to be paramount, under the terms of the Act all of the following factors relating to the divorcing parties are relevant:
- Earning capacity following divorce
- Standard of living enjoyed during the marriage
- Length of marriage
- Housing needs
Other important factors for a divorce financial settlement lawyer to consider include the value of any pensions, savings, investments, art, antiques, furniture and additional properties.
Division of property on divorce
When there are young children involved, it may be in their interests for them to remain with one parent in the main family home – and any financial remedy order is likely to reflect this. In some cases the court may issue a Mesher Order, providing for the sale of a family home, but not until a specific event such as the child or children leaving for university or reaching adulthood. At such a point the property can be sold and the money divided accordingly.
In other situations, one spouse may choose to buy the other out and keep the house, or the property may be sold and the proceeds divided as part of the wider financial settlement.
Lawyers for advice regarding property division on divorce
Whatever stage you are at in the process of divorce and separation, Oratto's member divorce financial settlement lawyers can help you uphold your full rights under the law to ensure you receive the best possible division of assets on divorce.
Our membership is composed of many of the finest divorce lawyers in the UK, many of whom have handled some of the country's most complex, high-value and high-profile divorce cases. When you come to Oratto, our priority is always to find you the right solicitor for your needs. We can help you find the most suitable divorce lawyer via our Match service or you can browse through our member solicitor profiles and choose the one you would most like to get in contact with.
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