There is no one, simple answer to this question, as it is very difficult to know what each person is entitled to as this depends on individual circumstances.
The starting point for dividing matrimonial assets is 50:50. Matrimonial assets include things such as money (including savings and investments), property, pensions, businesses, vehicles etc. The Court will always look at Section 25 of the Matrimonial Causes Act 1973 when deciding what Financial Order’s to make. This states that the Court must have regard to all the circumstances of the case, with the first consideration being given to the welfare of any children of the family and considering the Section 25 factors which include the individual’s needs, income, earning capacity, financial resources etc. The main objective is to ensure that the outcome is fair for all parties, which may include a departure from equality.
Section 25 of the Matrimonial Act 1973 is the law that governs financial settlements on divorce. This provides that the Court must have regard to all the circumstances of the case, with the first consideration being given to the welfare of any children of the family and taking into account the eight â€Å“section 25 factorsâ€. These include the parties’ income, earning capacity, property and other financial resources, the financial â€Å“needs, obligations and responsibilities which each of the parties to the marriage has, or is likely to have in the foreseeable futureâ€, any physical or mental disability, and the parties’ respective contributions.. There are no strict rules which state how assets should be divided, if spousal maintenance should be paid, and if it is, how much should be paid and for how long.
Spousal Maintenance is financial support paid by one spouse to another upon the breakdown of a marriage. It does not apply to unmarried couples and is different to child maintenance. It is also sometimes called ‘spousal support’.
If you and your ex-partner cannot agree how to divide your finances you can ask a court to make a financial order. This means the court will decide how assets will be split based on the information provided.
To give advice on what you may be entitled to, we are required to consider all the assets of the matter and match these alongside the parties’ individual needs, along with the needs of the children.
Want to know more about Divorce, Separation, Mediation, and Collaborative Law?
If you are thinking of separating or requesting a divorce, be sure to read our other Blogs for more information.
► If I were to separate or divorce what would I be entitled to?
► If I were to separate or divorce what will happen with the children?
► I want a divorce. What should I do?
► When I divorce will I have to sell the house?
► When we divorce I only want what is fair
Here at Thornton Jones Solicitors our skilled and experienced Family Law team can guide you through the process of separation and divorce. If you would like advice regarding separation, divorce, finances, or children’s matters, please contact one of our offices to arrange an appointment.
Call our Wakefield office on 01924 290 029 Call our Garforth office on 0113 246 4423 Call our Sherburn in Elmet office on 01977 350 500 Call our Mapplewell office on 01226 339 009 Call our Ossett office on 01924 586 466
About Jane Auty
Jane is one of our most experienced solicitors here at Thornton Jones Solicitors having qualified as a solicitor in 1997 and has specialised in Family Law since qualification and is known for providing practical and robust advice in all aspects of matrimonial finance.
She has extensive experience in guiding clients through all aspects of family law breakdown. Jane has a strong reputation for dealing with complex high net worth financial cases frequently where there is an overseas element, business assets, pensions, trusts or a farming element. Jane also deals with pre/post nuptial settlements.
Jane is a trained and trusted collaborative lawyer, from 2006 has assisted clients in navigating their divorce or separation outside the court process. She is committed to dealing with all issues cooperatively and constructively, with a view to reaching a resolution by agreement without the uncertainty, cost and delay of the court process. Jane is a member of collaborative law groups in Leeds and Wakefield.
She is a member of Resolution, which is a body of family lawyers committed to adopting a non-confrontational and conciliatory approach.
Outside of work Jane suffers the ups and downs of being a season ticket holder at Leeds United, is still in love with Bielsa, and is hoping for a swift return to the Premier League. Jane loves attending live music – preferable rock/indie – (nothing mainstream) and can be daily found pounding the swimming pool in an effort to remain fit despite her advancing years.
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