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Finances in divorce

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Finances in DivorceFinances in Divorce

Finances in divorce need not be a complicated matter. During a marriage the husband and wife normally work together as a team, making a home, looking after children, earning a living and generating assets and savings. When a marriage breaks down these joint arrangements have to be untangled and provision made so that the children continue to be supported properly and so that each party receives a fair share of the assets and ongoing financial support from the other if necessary.

What Role Will The Court Play?

The Court has power to divide up the assets in whatever way it considers fair. It will take all the assets into account including for example the value of a business owned by one party. The basic rule is that the value of assets owned by the parties should be divided equally. This may not apply if one party can demonstrate a need for more.

The court may also vary its approach in respect of assets which were acquired before the marriage. They’ll also take into account which assents were acquired by the joint efforts of both parties. This includes assents acquired through inheritance or gifts. The earning capacity of each party will be taken into account together with a large number of other matters. These include the needs of the parties, their children, their ages, their standard of living, any health difficulties and contributions made.

The contribution of the homemaker is regarded as being as valuable as that of the breadwinner. Conduct is only taken into account where it is very seriously indeed or where it has had an impact on the financial situation.

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