Dividing Assets and Income on Divorce
The Family Courts in England and Wales have discretion so that different judges may apply the law and come to different conclusions. When considering how assets should be divided on divorce and whether or not there should be a maintenance order payable by one spouse for the other, the Court has a duty to have regard to the following matters:
(a) The income, earning capacity, property and other financial resources which each of the parties to the marriage has or is likely to have in the foreseeable future, including in the case of earning capacity any increase in that capacity which it would in the opinion of the Court be reasonable to expect a spouse to take steps to acquire;
(b) The financial needs, obligations and responsibilities which each of the parties to the marriage has or is likely to have in the foreseeable future;
(c) A standard of living enjoyed by the family before the breakdown of the marriage;
(d) The age of each party to the marriage and the duration of the marriage;
(e) Any physical or mental disability of either of the parties to the marriage;
(f) The contributions which each of the parties has made or is likely in the foreseeable future to make to the welfare of the family, including any contribution by looking after the home or caring for the family;
(g) The conduct of each of the parties, if that conduct is such that it would in the opinion of the Court be inequitable to disregard it;
(h) The value to each of the parties to the marriage of any benefit which, by reason of the disillusion or annulment of the marriage, that party will lose the chance of acquiring.
All factors have to be considered, so that the Judge can decide which should be taken into account in each case. We can explain to you how these factors would be applied to the particular circumstances of your case, in order to assess what would be likely to happen if the Court was asked to determine the split of assets and income. We can help you negotiate and resolve the financial arrangements without incurring the costs of a contested trial, and the stress and acrimony that can result from litigation.
If you would like advice in connection with child support, please contact our Family Department.
t: 020 7227 7448