Getting Divorced? Who Will Get The Family Assets?

The division of assets is one of the most complicated parts of a divorce. Family assets may include stocks, savings, pensions, cash or anything owned by a married couple. But, when they decide to end their marriage, they have to fairly divide the assets between themselves.

The division of financial assets and property can be a stressful process. Fortunately, married couples have plenty of choices over how they can divide their assets:

Consider Your Financial Security

If you are working out a deal with your former spouse, take into account the current value of the assets and your financial security. This includes both short and long-term financial security.

You Can Sell Assets

If you and your ex are on amiable terms, you may sell the assets and divide profits. A professional solicitor can manage the division process.

Claim Your Separate Assets

Separate assets include vehicle, gifts, inheritance or anything wholly owned by each party. Separate assets to their rightful owner, without interference by the other spouse.

In Case of A Dispute…

You can avoid high legal fees by communicating with your spouse and dividing the assets before the divorce.

In case you and your spouse are unable to come to an agreement, it is crucial that you seek professional legal advice in settling your assets. A solicitor can assist you work out difficult issues and reach a financial settlement with your ex.

However, if the issue reaches the court, they will take into account several factors for dividing the financial assets. These factors include but are not limited to; number of years of marriage, age, income and standard of living of both parties and contribution made by each party to the family.

If a couple has children, then they will consider the children’s maintenance fees. The assets will be divided in a way that the children’s living standards is not compromised.

Settling assets and property disputes after a divorce can be costly. In order to safeguard your financial interests and rights, it is imperative that you consult an experienced solicitor.

At Wembley Solicitors, our competent, dedicated and professional solicitors go the extra mile to resolve each client’s divorce-related financial issues.

They are familiar with the UK divorce law and offer clients various legal options to ensure equitable distribution of assets. Contact us now for expert support and legal advice.