FAQs About Divorce – How will our assets be divided on divorce?

Part two in a series of mini blogs in which the Family Team at Mogers Drewett address the most commonly asked questions around divorce and separation. In this week’s blog Victoria Strode sheds some light on how assets will be divided. 

It is first important to understand the extent of the assets each party has an interest in before considering division of those assets.

In some cases the assets may be simple, with the main asset comprising the family home.  Other cases may involve more complex assets such as significant pensions, a property portfolio or business interests in which case valuations of these assets by specialists may be required together with an understanding of tax implications of disposing of those assets.

Once a complete picture of the financial assets is established, the assets will be divided taking into account principles that have been established by the courts and statute.  These include principles of needs, compensation and sharing.  The court also have a checklist (called the Section 25 factors) which they will look at when deciding how to divide assets between a couple.  These include, by way of example, the welfare of any children, age of the parties and length of marriage, contributions made and earning capacity.

The application of the principles and factors will differ in each case and as such, we suggest you take advice at an early stage to understand your rights.  To arrange a fixed fee initial consultation with one of our specialists in the family team please call 01225 750000.

Mogers Drewett

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