Information on property and finance in divorce
Navigating the financial and property aspects of divorce can often be complex and overwhelming. To help you through this crucial part of the divorce process, we have a range of guides and resources. These are designed to provide you with clear, actionable information on managing finances, dividing property, and understanding your rights and responsibilities. Gain insights and confidence as you make informed decisions about property and financial matters in your divorce journey.
Financial mediation in divorce
Financial settlements and agreements
Property division in divorce
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Property and finance in divorce FAQs
How are assets and debts divided in divorce?
The legal position in England and Wales is that Judges, when considering the division of assets and debts during a divorce, will have regard to all the circumstances of the case. Most cases dealt with in the courts do not involve huge sums of money, and the reality is that Judges will be focussed on finding an outcome that meets the both parties’ needs post-divorce.
These needs include housing needs (i.e. both parties having somewhere to live post-divorce), financial needs (i.e. both clients having enough money to meet reasonable outgoings), and future financial needs (e.g, both parties being financially secure in their retirement).
Other factors that a Judge may consider include the length of the marriage, the needs of any children, and the financial contributions made by each spouse. Typically, assets like property, savings, pensions, and investments are assessed, along with any debts. The court aims for a fair distribution, which doesn't always mean a 50/50 split, but rather what is considered equitable in the context of the couple's circumstances. Legal advice is usually recommended to navigate this complex process.
How are spousal maintenance payments calculated?
Spousal maintenance payments are tailored to each unique situation, with no fixed formula for calculation. The determining factors include the individual financial needs and incomes of both spouses, their earning potentials, the standard of living during the marriage, and the involvement of any dependent children. This personalised approach ensures that maintenance payments reflect the specific circumstances of each case, balancing fairness with practicality.
How long does it take to get a financial consent order?
The timeline for obtaining a financial consent order typically ranges from 1 to 2 months after submission to the court. However, this duration can vary based on factors like court delays or the complexity of the case. It's important to consider these variables, as they can influence the processing time, making each case unique in its time frame.
Is a house split 50/50 in a divorce?
Contrary to common belief, there is no automatic 50/50 split of a marital home in divorce. The division of assets, including the house, depends on the specific circumstances of each case. Factors that a court may have regard to include the needs and resources of each spouse, the needs of any children, the length of the marriage, and other relevant factors. Therefore, while a 50/50 split might be appropriate in some cases, it is not a standard rule and varies greatly based on individual situations.