A Guide To Financial Settlements After A Divorce and How To Divide Assets

When a marriage ends, the financial settlement is one of the most difficult and unpleasant topics to resolve. The legislation governing the division of assets after the divorce is quite tricky. The family courts in England have a lot of leeway, and every financial settlement case is judged on its own merits. The legislation is written to enable the courts to provide each family with the best possible outcome.

With an increasing number of divorces in the United Kingdom in recent years, it is essential to know how financial settlements happen between couples after divorce. It is advised to take legal advice from expert divorce solicitors so you can know what you’ll be gaining and losing.

Following is a guide on financial settlements after divorces and how to divide the assets after the divorce.

TYPES OF ASSETS

Assets are the thing you both own as a family, including the property where you live. Savings and investments are also your assets and will be divided between you two in case of a divorce.

Matrimonial assets are defined as the assets that you both acquired as a family. This may include home, any investments you both did after marriage, or any types of saving you made. Mortgages, loans, and credit cards can also come under matrimonial assets if you take them after marriage. Dividing these assets will ensure that the division of these assets would be fair and equal.

Non-matrimonial assets include assets you have acquired outside of the marriage or before marriage. These can also include all the aforementioned assets but acquired by you alone. These types of assets aren’t subjected to the same sharing principle as matrimonial assets.

FAIR SETTLEMENT

The court will always try to be fair with both parties. It will not want to do injustice with anyone. The court generally initiates 50-50 sharing principle, but it doesn’t need to end like this. These decisions are more centred on your financial circumstances and help you spend your future with ease. They might award someone a bigger share if they’re financially unstable and depend on you for their finances and if they have child custody after the divorce.

ASSETS DIVISION

Following is a brief description of how assets division.

• Most families have a joint account,and they should be the first asset you both deal with. Start an individual account after marriage as financial identity is critical.
• If you have a joint credit card or have added each other as an authorized user, the first thing you should do after the divorce is to unauthorize the use to avoid further circumstances.
• Liquidation of investments and savings is the best option. Take the money and divide it fairly.

HIRE EXPERT DIVORCE SOLICITOR IN UK

Financial settlements in the UK after a divorce are very complex. It is better to seek legal advice from an expert divorce solicitor. Wembley Solicitors offer a wide range of legal services ranging from family law to UK immigration. Our services include landlord and tenant disputes, passenger accident claims, family law solicitors, etc

Contact us to learn more about our services.