There is no set answer as to what a financial settlement should look like. It all depends completely on your personal circumstances and the assets involved.
The starting point would be an equal division of the matrimonial assets. However, some there are reasons for these to favour one party more than the other. For example, if you have young children who live with one parent more than the other, that parent may get house. They may also be split unequally if one party earns significantly more than the other.
When deciding on whether a Financial Order should be approved, the Court will take a number of factors into account. These include:
- Income
- Earning capacity
- Financial resources of the parties both now and in the future
- Financial needs
- Obligations and responsibilities both now and in the future
- Standard of living enjoyed during the marriage
- Age
- Physical or mental disability of the parties
- Contributions made during the marriage
- The conduct of the parties
The Court’s main concern will be the housing needs of the parties and any children to ensure that these are met sufficiently when the assets are split.
Even if you reach an agreement with your spouse on how the assets should be split, it's important that you seek legal advice on the agreement reached prior to submitting the Order to the Court. Your solicitor will be able to advise you on whether or not the Order is likely to be approved. Even though you have reached an agreement with your spouse, the Court will only approve this agreement if it's considered fair.
If you need legal advice on a financial settlement, or any other aspect of Divorce, contact our Divorce and Family Law Solicitors in Rochdale on 01706 644187.
