There is no easy answer to this question, as most divorces have a large number of moving parts. Property and the family home, any business assets, pensions and investments are just a few of the things that will be taken into account. However, where the entitlement to each of these falls depends very much on the roles both have played in the marriage, whether there are children to consider and even the conduct of the parties.
Where do you start?
The best place to start is by taking legal advice on your divorce. This not only provides a degree of separation for the process, which can help to reduce the emotional tensions surrounding it, but will also give you an expert view on what you are entitled to.
How does the process work?
Itis worth remembering that a ‘fair’ divorce settlement will not necessarily mean an equal split. However, aiming for a 50/50 division is often the best initial starting point. A solicitor will help you to divide the assets that you have into three main areas:
- Income (e.g. salary, income from rentals etc)
- Capital assets (e.g. properties, savings, shares)
You can then look at the best way to split these into two. There will be a number of influencing factors to bear in mind when it comes to the split of these assets. Working with a solicitor can ensure that you find the right way to make the divisions and that the values are fair and accurate.
What else can influence the division of assets?
The welfare of children will have a significant impact on how a court would see assets should be divided and so this is important to take into account. For example, assets are unlikely to be split equally if children are to be living with one partner. However, children are not the only factor. For example, if one person has given up a career to stay at home and care for children then they may be entitled to more from the divorce settlement as a result.
Is it better just to go to court?
The short answer is no. Battling over a financial divorce settlement in court can be incredibly costly for everyone involved, not just in terms of money but emotionally too. Whatever the assets you’re unable to agree on, they will most likely be reduced by the cost of arguing over them in court. It’s far better for divorcing couples to find agreement between them over the financial aspects of divorce – this paves the way for a smoother separation, as well as better relations in the future too. Mediation can also help with this process.
To speak to a divorce Solicitor in Skipton please call 01756 799000.