Finance

The split of assets in a divorce settlement will be decided by the courts on a case-by-case basis. The courts will consider factors such as the length of the marriage, any dependent children, the financial needs and responsibilities of each party, and the standard of living before the marriage broke down.

You and your ex-partner should try to reach a financial settlement by agreement, however if this is not possible you may apply to the court for a financial order. Before applying to the court for a financial order you must attend a meeting about mediation, unless this is inappropriate for specific reasons (for example, where there has been domestic abuse). The court will take into account the financial situation of both parties and issue an order setting out how assets and liabilities such as pensions, property, savings and investments will be divided.

What happens to the family home in a divorce is something that will be decided by the courts on a case-by-case basis. The courts will consider factors such as any dependent children and where they will be living, the age and gender of the children, capacity to pay the mortgage. In some cases, the court may order that the home is sold and the proceeds divided between the parties.

Pensions are considered along with other financial assets during a divorce. This means that the way pensions are divided will be decided by the courts on a case-by-case basis, with consideration of factors such as the length of the marriage, any dependent children, the financial needs and responsibilities of each party, and the standard of living before the marriage broke down.

Parties in a divorce need to be fully transparent and co-operative with the court, so trying to hide or dispose of assets to prevent your spouse accessing them is likely to result in penalties. There are other ways assets may be protected in a divorce. For example, by entering into a pre or post-nuptial agreement, which sets out how assets will be divided if the marriage comes to an end. Pre and post-nuptial agreements are not legally binding in the courts of England and Wales, but they may help the court in its decision making.

Generally savings acquired during the course of the marriage will be considered matrimonial assets, regardless of which partner they belong to. This means that they will be taken into account in the court’s assessment for the purpose of reaching a financial settlement. This does not necessarily mean that savings will be split equally, as the court will do what it considers fair in light of the financial needs and responsibilities of each party.

If it can be proven that the savings were acquired before the marriage, in some circumstances they may be excluded from a financial settlement.

Pensions are considered along with other financial assets during a divorce. This means that the way pensions are divided will be decided by the courts on a case-by-case basis, with consideration of factors such as the length of the marriage, any dependent children, the financial needs and responsibilities of each party, and the standard of living before the marriage broke down.

The length of time it takes to reach a divorce financial settlement depends on how quickly the parties are able to agree, which will vary from case to case. Parties going through a divorce may apply for a financial settlement when applying for the divorce, or at any time after that. The process involves a first appointment, a financial dispute resolution appointment and a final hearing. The first appointment will usually be 12 to 14 weeks after the application is made, and there can be several months between the appointments. It could take anything from 6 to 12 months, or even longer to reach a final settlement.