One of main issues within a divorce is the division of assets. Many people believe a divorce means a 50/50 split of everything, but the reality is more complex than that.
The Act that the courts use to assist them in reaching a settlement, sets out the factors that they must consider when making financial orders. Contrary to the popular belief, the Act doesn’t provide an automatic equal division of assets.
The key factors that the court will consider when deciding an order for a financial settlement are:
1. Income, Earning Capacity, and Financial Needs:
- The court will consider the financial resources of both parties, including their income and earning capacity.
- Financial needs, both present and future, play a crucial role in determining a fair settlement.
2. Standard of Living:
- The lifestyle enjoyed by the family before the breakdown of the marriage is considered to ensure that both parties can maintain a reasonable standard of living post-divorce.
3. Age, Duration of Marriage, and Contributions:
- The age of the parties and the length of the marriage are taken into account.
- Contributions made by each party to the welfare of the family, both financial and non-financial, are considered.
4. Disabilities and Health:
- The physical and mental health of each party is a factor that is considered, as it can impact their ability to earn a living.
5. Needs of Children:
- If children are involved, their needs and the parent with whom they will reside with are crucial considerations.
6. Other Relevant Factors:
- Any other relevant circumstances, including the conduct of the parties, are taken into account.
Contrary to the common misconception, the court doesn’t start with the assumption of an equal division of assets. Instead, they carefully consider the factors listed within the relevant Act to arrive at a fair settlement based on the specific details of each case. Each divorce case is unique, and the court aims to tailor its decision to the individual circumstances involved.
Here at Wrigley Claydon, we understand that navigating a divorce and financial settlement can be confusing and complex, therefore, if you require any assistance, please do not hesitate to call us on 0161 624 6811 or email email@example.com.
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