Divorce what am i entitled to?
Divorce – what am I entitled to and what are my rights?
DIVORCE WHAT AM I ENTITLED TO? WHAT ARE MY RIGHTS?
By Antony Ball, Legal Director at Keebles
When a marriage comes to an end each person will have an entitlement to a share of the assets built up during the time together, regardless of whose name it is in.
The court has some fairly wide-ranging powers. It can, for example, order property to be transferred or sold, pensions to be split or maintenance paid.
The starting point is that assets acquired during the marriage should be shared equally.
However, this is only the starting point and quite often there needs to be an adjustment which means departing from equality resulting in an unequal split in order to achieve ‘fairness’ in the eyes of the court.
There is no mathematical formula for working this out, instead a number of factors have to be weighed in the balance, including:
• The welfare of any child of the family
• Income, earning capacity property and other financial resources which each have or may have in the foreseeable future
• The financial needs and responsibilities that each person has
• The standard of living enjoyed by the family before the breakdown of the marriage
• The age of each person and length of the marriage
• The state of your health
• The contributions that each have made during the marriage or are likely to make to the welfare of the family.
Assets that have not been acquired during the marriage or which have been inherited or gifted to one person may also be treated differently and in certain instances put to one side.
Although each has a duty to provide full financial disclosure, there are instances where one person may try to hide assets or dispose of them. There can also be issues as to how an asset is valued all of which can have a significant impact upon the overall outcome.
Deciding therefore what is a ‘fair’ settlement can be a complex process and the importance of having specialist advice invaluable.
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Divorce what am I entitled to ? Article 2nd September 2019