Division of Finances on Divorce

Dividing Financial Assets during Divorce

There is no formulaic solution to dividing assets and pensions or fixing a rate or term for spousal maintenance. The overriding objective is to reach a fair outcome based on a number of factors (called the section 25 factors) such as the needs of any children, length of the relationship, income and capital resources of each party, housing requirements, pension provision, marital versus non-marital assets and respective contributions, amongst others.

Our team of specialist family solicitors can provide expert advice and guidance on dividing financial assets in divorce. Get in touch with a member of the team for more information.

What amounts to a fair financial settlement?

There may be a range of potential outcomes, all of which could be considered fair. The first part of the process of resolving the financial issues is to identify (and place a reliable value on) all the assets, such as properties, savings, investments, any company or partnership interests, trusts or pensions. Liabilities also need to be established along with income/earning capacities. This is called the computational stage.

The second part of the exercise is applying the section 25 factors to achieve a fair outcome. This is called the distributional stage. An agreed settlement must be approved by a judge before it is binding on both parties and enforceable.

There are various options you can explore in order to reach a fair financial settlement. Ellis Jones’ family department can offer expert advice and a full range of services to assist you in reaching a settlement. Our team comprises of experienced solicitors, mediators, arbitrators and collaborative lawyers.