How Will My Money & Assets be Split in Divorce?
Learn how money and assets are split in divorce in one minute. We answer if the finances are split 50/50 and if the length of marriage has an impact.
Kelly Grigg, a family lawyer at Richard Nelson LLP, explains how money and assets are split in divorce in the UK. Grigg also outlines what happens to couples’ houses in divorce.
Richard Nelson LLP is a leading firm for 2021, part of the legal 500. Our family lawyers have been accredited by the Law Society for Family Law and Children Law.
Transcript
Will the money and assets be split 50/50 in a divorce?
The Court has to consider the outcome based on the individual circumstances of each case and each party’s needs moving forward. An outcome with a division of 50/50 is always the starting point. However, a 50/50 split may not be appropriate in every case as the Court needs to consider the housing needs and each parties income, with the children’s needs being the Court’s first consideration. If a 50/50 split would achieve that, then that might be the right outcome. However, if one party is going to have to re-house with the children, then they may need more than 50% of the assets to enable them to do so.
The Court also needs to consider the parties’ incomes and what living expenses they each have, including housing, and whether one party is going to have to financially support the other. This can be for a short period of time but sometimes indefinitely, depending on the individual circumstances of the case. Such financial support is called “Spousal Maintenance”, and this is in addition to any Child Maintenance that may be payable.
Work with a family law specialist
Get in touch with Kelly to discuss how money and assets are split in a divorce:Tel: 0333 888 40404
Kelly Grigg is a family solicitor with a wealth of experience helping a wide range of clients on family law matters.
With years of experience comes the understanding that every family is different. Kelly offers assistance and representation at court on family law matters including divorce and separation; pre- and post-nuptial agreements; children matters; unmarried couples; financial matters; and domestic abuse and protection orders.
At what is a stressful and emotional time, Kelly prides herself in avoiding legal speak. She will clearly explain your options and the processes involved, so you feel in control every step of the way.
Kelly understands that family life can be hectic at the best of times and is happy to make arrangements for out of hours appointments where needed.
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