How are assets split in a divorce financial settlement?

Couples entering into a divorce are often uncertain as to how their assets will be split between them and whether a financial settlement can be disputed at a later date.

When you divorce, your financial settlement will typically be dependent upon:

  • Whether or not you have children
  • The length of time you have been married
  • Your age
  • Your property and money
  • Your ability to work
  • Your living expenses
  • The standard of living you are used to.

You do not necessarily need to go to court to decide how to split your assets. You can agree the division of assets between yourselves and it is likely to be approved, provided it is fair. However, you may require the services of a mediator who will help you reach an amicable agreement, or a divorce solicitor who can act on your behalf - particularly if you are unsure of your entitlements.

Whichever way you reach your decision, you should apply to the court for a Consent Order, which makes the financial settlement legally binding and will prevent either of you from making a claim for more money at a later date.

Taking your case to court 

If you are unable to come to an agreement, your final option is to take your case to court. The judge will divide your assets fairly considering your needs and, in particular, those of your children.

Is everything split 50/50 in a divorce?

The judge is only likely to consider a 50/50 split if you have been married for a long time.  The main consideration is the needs of those involved, including children. If, after consideration, the judge thinks that one of you has greater need than the other, the assets can be split unequally.

Is my partner entitled to half of my inheritance?

A judge will not necessarily include an inheritance in your financial settlement, but will consider the needs of those involved. If you received your inheritance while you were married, the courts are more likely to include it as part of the settlement, but if it was received after your marriage broke down, they are more likely to exclude it.

Who gets the house in a divorce?

There are various options to consider regarding your house. Often, couples will sell their house or decide to transfer it to just one of them.  If you have children, the court will give priority to them and the parent who is to live with them. 

Call us for a FREE 30-minute phone conversation to discuss your options. Alternatively, if you want us to take a closer look at your situation, you can book a face-to-face consultation lasting up to 90 minutes for a fixed fee of £150 (+VAT).

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