Whether divorcing or separating, the division of financial assets needs to be decided and ideally recorded in a written settlement . Any final settlement reached will have far-reaching consequences and will deal with income, properties, lump sum payments, pensions and other capital assets.

When dividing finances between a divorcing couple the court will take into consideration:

  • Assets: the earnings, property and other financial assets each partner has, or is likely to have in the future.
  • Needs and responsibilities: any debts, such as mortgages, that either partner needs to pay off or any children that need to be provided for.
  • Standard of living: the difference a divorce will make to the couple’s standard of living, as well as any contributions made to the marriage and their effect on the family’s welfare.
  • Duration of the marriage: the length of the marriage, the age of both partners and the likelihood of either partner remarrying.
  • Disabilities: any physical or mental disabilities that will require funding for the partner to cope by themselves.
  • Behaviour: the behaviour of either partner may, in exceptional circumstances, be taken into consideration.
  • Benefits: any benefits brought to the marriage that may be lost on divorce, such as pension schemes.

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