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The question of what each party is entitled to in a divorce settlement is a common one. Many are keen to know how the process of splitting assets in a divorce works and what they will leave their marriage with, so they can plan for the future. Unfortunately, there is no one size fits all answer, and this is very much dependant on individual circumstances.
The common starting place for a divorce is a 50/50 split, but in reality, the actual division of assets you achieve will depend on your individual circumstances.
What factors determine what I am entitled to in a divorce settlement?
Several factors influence what you are entitled to in a divorce settlement. These include the duration of the marriage, financial needs, contributions to the family, and future earning capacities of both spouses.
The court considers assets such as properties, savings, pensions, and investments. Child custody arrangements are separate, but they can impact the overall settlement.
Additionally, the court strives to achieve a fair outcome, ensuring both parties are adequately provided for. While there is no fixed formula, these factors guide the decision-making process, and seeking legal advice is crucial to understanding your specific entitlements.
How are assets split in a divorce?
The division of assets in a divorce is based on the principle of fairness. The court starts with a 50/50 split and will work out a fair balance from there.
There is no fixed formula for dividing assets in a divorce, but typically all assets including properties, savings, pensions, and investments are taken into account unless there is a legal agreement already in place, such as a prenup.
The court aims to achieve a reasonable distribution that meets the needs of both parties and, crucially, the needs of any children. The court does not favour partners who have worked over those who stayed at home.
Each case is unique, and the specific allocation of assets will depend on the circumstances and individual factors involved.
Who gets the house in a divorce?
In a divorce, what happens to the family home is determined based on several factors. The court's main consideration is achieving a fair outcome for both parties involved.
Factors such as the duration of the marriage, financial needs, contributions to the family, and the welfare of any children are considered.
There is no fixed rule that dictates who gets the house. The court may consider various options, including selling the property and dividing the proceeds, transferring the ownership to one spouse while compensating the other, or maintaining joint ownership.
One common option where there are children is for the primary caregiver to stay in the home with the children until the children are old enough to move out, at which point the property will be sold and the proceeds split.
The specific decision depends on the unique circumstances of each case.
How much should I ask for in a divorce settlement?
Determining who gets what in a divorce settlement can be complex and depends on various factors.
It's crucial to consider your financial needs, contributions to the marriage, earning capacity, and the assets involved.
Seeking legal advice is essential to understand your entitlements and negotiate a fair settlement.
Factors like property, savings, pensions, and investments are considered, along with spousal maintenance.
Each case is unique, so there is no fixed amount to ask for. Working with a lawyer can help you assess your situation and advocate for a settlement that meets your specific needs.
How can I get a fair divorce settlement?
To ensure a fair divorce settlement, consider the following steps:
- Seek legal advice from a qualified family lawyer who can guide you through the process.
- Gather and organise all relevant financial information, including assets, debts, and income.
- Clearly communicate your needs and concerns and be open to negotiation.
- Consider mediation or alternative dispute resolution methods to reach an agreement outside of court.
- Keep emotions in check and focus on the facts and the long-term implications of the settlement.
- Lastly, if necessary, be prepared to engage in litigation and present your case to the court for a fair resolution.
Can I modify a divorce settlement if my circumstances change in the future?
In certain circumstances, it is possible to modify a divorce settlement if your circumstances change in the future.
If you have a voluntary settlement with your spouse, it may be possible to simply negotiate a change to the settlement with them. However, it is important to note that, unless you apply for a Consent Order from a court, any new agreement will not be legally binding.
To seek a modification of a Financial Order by a court, you would typically need to demonstrate a significant and unforeseen change in circumstances, such as a job loss, serious illness, or substantial increase or decrease in income.
You would need to present this information to the court and request a modification. However, it's important to note that modifying a divorce settlement can be a complex process, and it is advisable to seek legal advice to assess the viability of a modification and navigate the necessary legal procedures.
Why work with our family law solicitors?
We understand that everyone's circumstances are unique, and their desired outcomes may vary. Our family law solicitors provide personalised services to ensure you receive clear and professional legal advice during what can be a complex and emotionally challenging time.
Our experienced staff will handle your case with both empathy and efficiency. Whenever possible, we encourage alternative dispute resolution methods to minimise conflict and avoid contentious court proceedings.
Our family law team consists of members of Resolution, including a Resolution Accredited Specialist. Resolution is a leading national network that promotes a constructive approach to family law matters.
Recognised by The Legal 500, our firm's expertise is further validated by our Lexcel accreditation, signifying our commitment to exceptional client care and practice management standards.
Contact our family law solicitors in Bexleyheath, Dartford and Orpington
To speak to one of our local family solicitors, or to arrange a fixed fee initial consultation to discuss our family law services, please fill in our simple enquiry form or call 020 8301 7777.