CREATE BOOKLET FOR DIVORCE OF ASSETS HOW TO

When do we need to decide how our assets are to be divided? The courts will look at what will enable both of your needs to be met, with the first consideration being any children involved under 18.įor instance, if you are a stay-at-home parent and have been out of the workplace for a number of years whilst caring for your children, you might need a higher share of financial support than your ex, supposing they have a stable job with good earning potential, in order to assist you getting back into work. You must think about the individual needs and circumstances of both parties when deciding the division of assets. Or, some of the assets may be non-matrimonial in nature, such as inherited money or post-separation accrual. For example, an unequal division may be necessary to meet one of the parties particular needs. There may be reasons for not dividing the assets equally. The general ‘rule’ is, if a 50/50 split of your assets ensures that both parties’ capital needs are met, then there is a very strong likelihood that this is how the court will decide to divide the marital assets. Contact us Are assets split 50/50 in divorce in the UK? Need help with dividing your assets or finances when splitting up? Contact us. It is wise to find a recommended family lawyer to assist with any court application.

If your talks break down completely, you can apply to the court and initiate a process where a judge will help you to work out what your financial remedy order should be. If you need support with your talks, you could seek help from a family mediation service. Without this, your agreement isn’t legally binding, so it is important to make this official. Once you have reached a point of agreement, you will need to apply for a financial remedy order, also called a consent order. They can help you to review your assets and give you a clearer picture of the most tax-efficient way in which to divide them. The online calculator from the Money Advice Service is a useful tool to use to establish a clear picture of your financial circumstances.Ĭonsider using a financial adviser well-versed in divorce and finance. You must keep each other informed of any changes in your financial circumstances throughout the process. Thought needs to be given to each party’s post-divorce capital and income needs.

This should include the considerations above, along with any money you owe from loans, or credit cards. To start with, you will each need to make “full and frank disclosure” to each other of your financial circumstances. your pension pot (this includes your state pension as well as private ones).other property you own (for example, buy-to-lets).The impact of dividing one household’s finances across two is going to be felt by both parties. You’ve made the decision to divorce or separate, and now you’re faced with untangling your finances.Įven in a straightforward case, this is rarely a simple task. Contact us How do I make a financial agreement when separating or divorcing? Need specialist legal advice on dividing assets on divorce or separation? Contact us. If we can assist you with the financial aspects of your divorce or separation, please do get in touch. This information is a general guide only, and there’s no substitute for tailored advice. Remember, everyone’s financial situation is different. They will help you to focus on what is important and what is not and help you to achieve a timely and amicable resolution where possible. When it comes to sorting out your divorce or dissolution and financial arrangements, a specialist family lawyer is a worthwhile investment. Unfortunately for many the sensitive issues arising in financial discussions, especially where contributions are unequal or where there is just not enough money to go round can lead to disputes. To make your agreement legal you need to apply to the UK Courts for a financial remedy order.įor some couples this can be quite a straightforward exercise. When you get divorced or dissolve a civil partnership, you need to divide your possessions, money, and assets in a fair way. Do I need a solicitor or lawyer to handle the financial aspects of my divorce or separation?.What does the law say about divorce and finances?.Who keeps the house in a divorce or separation in the UK?.I am a business owner- will my shares be treated as marital assets?.

CREATE BOOKLET FOR DIVORCE OF ASSETS HOW TO

We cannot agree on how to divide our assets – do we need to go to court?.We have agreed on how to split the finances.When do we need to decide how our assets are to be divided?.Are assets split 50/50 in divorce in the UK?.How do I make a financial agreement when separating or divorcing?.Frequently asked questions when dividing up finances on divorce Read on for more information about financial remedy orders, asset protection, and dividing up your personal and business assets.

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Create booklet for divorce of assets