When asking, “What am I entitled to if I divorce my husband?”, navigating the intricate dynamics of asset division is crucial.
Beginning typically with a foundational 50:50 split, various factors can influence this distribution.
Explore the differences between matrimonial and non-matrimonial assets, and understand why expert legal guidance is paramount in such decisive moments
(Read Time: Approx. 4 minutes)
Topics Discussed:
- The intricacies of asset division in divorce: from a 50:50 baseline to individual circumstances.
- Distinguishing matrimonial from non-matrimonial assets and the pivotal role of professional legal assistance.
Splitting the Pot
In dealing with the division of assets upon the instance of divorce, the starting point for division is usually a 50:50 split.
A number of factors will then come into play, altering the ratio of this split one way or another, depending upon the individual circumstances relevant to the marriage. This overriding principle of ‘fairness’ to depart from equality will depend upon circumstances such as:
- Welfare of any children under 18
- Income, earning capacity, property and other financial resources which each of the parties to the marriage has or is likely to have in the foreseeable future.
- Financial needs, obligations and responsibilities which each of the parties to the marriage has or is likely to have in the foreseeable future.
- Standard of living enjoyed by the family before the breakdown of the marriage.
- Age of each party in the marriage and the duration of the marriage.
Before looking into this issue, you need to know the difference between the types of assets.
What you are entitled to depends upon the nature of the assets: whether they are matrimonial or non-matrimonial.
Matrimonial assets
This refers to the assets that you have acquired or built up throughout the duration of marriage, other than by inheritance or gift.
They may include the family home, your personal savings, the pension you have accrued or any business assets to which either party has contributed towards.
These assets will need to be dealt with fairly.
Keep in mind that fairly does not always mean 50/50.
Non-matrimonial assets
Non-matrimonial assets are financial assets that were acquired before entering the marriage, and as above, can include property, pensions, businesses, and savings kept separately from joint finances.
These assets are usually treated differently from matrimonial assets, but they are not necessarily excluded from a divorce settlement.
For example, if an inheritance has been used during the marriage to purchase a car or house, this asset would now be classed as a marital asset.
Talk to a divorce solicitor
How the assets are split depends upon the agreement between the divorcing parties. It is therefore wise to hire a professional when the assets are especially significant in value, so they can be handled carefully.
We understand that a breakdown in a relationship can be a traumatic experience in a person’s life and we have the expertise and compassion to help you through this difficult process, providing specialist legal advice and representation in order to achieve the best possible outcome.
Contact us using the form here to know more. Alternatively, call us on 01772 282768