Thackray Williams

When a husband and wife separate at the end of their marriage it is necessary to consider the financial assets that have tied them together. The process which brings their assets under the spotlight is often the major “flash point” during the divorce procedure. Negotiations over the couple’s finances are normally more complex than the divorce itself. Even if the couple might prefer a clean break there may often be the need for one party to continue to assist the other, to meet everyday outgoings such as mortgage payments and bills. The non-resident parent also has a legal requirement to provide maintenance for any children. If this cannot be agreed within the divorce proceedings then it will be dealt with by the Child Support Agency (or their successor organisation).

The main asset is usually the matrimonial home but all assets have to be taken into consideration including:

• Pensions
• Property
• Business assets
• Holiday homes
• Investments and shares
• Savings

The starting point needs to be full disclosure of each party’s assets to ensure that everything is included in the “pot” to be shared. The husband and the wife should provide details of all the assets they hold either in their joint names, jointly with another party or their sole name. If either the husband or the wife feels that one of these assets should not form part of the matrimonial pot, then the onus is on them to justify their assertions.

Once a list of the assets has been agreed consideration can be given to their distribution. A number of factors are taken into consideration when dividing the assets:

• The welfare of any children of the family
• The income, earning capacity, property and resources of each person
• The financial needs, obligations and responsibilities of each person
• The standard of living enjoyed by the family before the breakdown of the marriage
• The ages of each person and the duration of the marriage
• Any physical or mental disability of each spouse
• The contributions made by each person to the welfare of the family, including looking after the home and bringing up children
• The conduct of each person, but only if it is so bad it would be unfair to ignore it
• Any serious disadvantage to either person which would be caused by ending the marriage

If the parties cannot reach agreement about their financial affairs, the decision will ultimately be made by the court. Every financial settlement is as individual as the parties themselves and your solicitor will be able to help you reach the best settlement for you and your children.