What Am I Entitled To In A Divorce Settlement In The UK?

A marriage is more than a union of two bodies. Practically speaking, many socio-economic, psychological, and emotional issues come together too. However, in case the two parties decide to opt for divorce, all of these issues have to be sorted out, and a comprehensive settlement needs to be drafted to facilitate the separation. These include the division of financial assets, child custody, and maintenance.

Financial Settlement:

Financial settlements are a big part of the final divorce settlement. It includes giving due consideration to the following:

• Pension
• Financial/Business Assets
• Debts
• Investments
• Vehicles
• Cash in the Bank
• Estate

Matrimonial and Non-Matrimonial Assets:

Assets acquired during the marriage period are known as Matrimonial assets, and those acquired before or after marriage are classified as Non-Matrimonial. The court doesn’t need to give a 50/50 split between the assets; any arrangement will provide due regard to both parties’ financial status, the life of the marriage, and the overall well-being of the individuals involved.

Debts acquired during the marriage will be treated as matrimonial assets.

Before any division of assets and liabilities can begin, however, it is essential to seek the services of a family lawyer to calculate the exact worth of your assets in the court’s eyes.

The following things must be declared legally:

Assets:

These include all property and objects such as the estate, cars, and any mortgage balance.

Liabilities:

These include the amount owed on credit cards, any loans, car finance, or other financial obligations.

Investments, Savings, or Income:

Any savings you may have and the total disposable income of your household, along with any investments, need to be declared.

Spousal Maintenance or Clean Breaks:

Marriage dissolution will inevitably look at the financially weaker party’s interests.

A clean break refers to the complete end of one person’s financial responsibility for the other after marriage. In some cases, a person may buy out the other party’s claim and settle financial obligations in one go.

In other cases, a party may be required to continue financially assisting their ex-partner. This is usually when both partners have lived for a long time together, and one is unable to earn for themselves.

A term may be decided for spousal maintenance, and when the other party becomes financially stable or enters another civil partnership, the right to this maintenance may be considered dissolved.

Child Custody:

Child custody can be a tricky issue. Usually, the courts advise joint custody to allow the child contact with both the mother and the father. However, depending on the nature of the case, there may be conflicts regarding who will maintain the children if one parent has died (for example, grandparents may fight for complete custody). However, who is entitled to what is eventually under the court’s discretion, depending on the child’s best interest, as well as what is most practical.

Hire Legal Help:

It’s best to hire a lawyer to help you consider all your options and secure your rights. Get in touch with us at Wembley Solicitors in London.