How is divorce settlement calculated

Find out more in our financial guide to divorce. What you are entitled to in a divorce depends on a number of factors; there are no specific guaranteed entitlements for either party.

Each situation is unique and will be treated as such by the courts, but the type of things you might be entitled to include matrimonial assets such as:. Learn more: Who gets my share of the property if I divorce or die? Non-matrimonial assets are treated differently to matrimonial assets. In other words, those that were acquired during the marriage. The financial assets that were acquired before or after the marriage are considered a non-matrimonial asset. These are usually protected by a pre-nuptial agreement, if one is in place.

To reach a settlement you also need to consider the division of any debt, loans or credit cards you both have. How quickly you can get the settlement sorted depends on:. You will probably have to attend court a number of times for hearings, so the process may take much longer than if you had come to an amicable agreement. Find out more: How much does a divorce cost?

Contact your bank or building society as soon as you know you are separating and make sure any benefits or wages go into a new separate account. Find out more: The dark side of joint finances. Or if you have a life insurance policy, you will need to agree how each policy will be dealt with. Will you continue to pay the premiums?

Will the beneficiaries of any life insurance change? Pensions can be split in several ways. You could either get:.

Find out more: What are my pension rights in a divorce? It will not discriminate between the homemaker and breadwinner. If a couple have been married for decades, it is likely that a partner who left work to raise the children might be awarded:.

Whereas two young people with no children could just walk away with whatever they brought into the marriage. NOTE: Children are given top priority by the courts, and any issues, including maintenance, will be dealt with separately.

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The age of the parties will be of particular importance when it comes to the distribution of matrimonial property. Contributions can be financial and non-financial, and the Courts made it expressly clear in White v White [] 1 AC that there should be no discrimination between the two.

In practice, what this usually means is that the starting point for distribution of matrimonial assets is a division, although departure from this position is possible.

One of the most frustrating for those going through a contested divorce is the fact that no matter how morally reprehensibly a person has behaved, it is not likely to make one jot of difference to how the matrimonial property and assets are divided.

The Courts shy well away from making any judgments regarding the cause of marital breakdown. As an example of how high the hurdle is, in the case of H v H Financial Relief: Attempted Murder as Conduct [] EWHC Fam , the Court awarded the husband a smaller proportion of the assets — but then, he had attempted to kill his wife.

Financial orders in divorce can be a complex area of law, especially in cases involving high-net-worth individuals. Instructing an experienced family law solicitor is the best way of ensuring your best interests are protects and you receive a fair sum so you can move on to a positive future. Money troubles. Calculator Pension calculator.

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Was this information useful? Yes No. Thank you for your feedback. Share this article. Email Facebook Twitter. More options. Share this with. WhatsApp LinkedIn. Explore this topic close Divorce and separation. Breaking up - sorting out money and assets How to sort out your money on divorce or dissolution How to sort out your finances on separation if you were living together Sort out joint bank accounts, insurance, bills and other finances with your ex-partner How to divide your possessions if you separate Dividing investments and savings during divorce or dissolution Dividing business interests when you separate if you were living together Protecting yourself against financial abuse Dividing investments and savings when you separate if you were living together Dividing business interests on divorce or dissolution Divorce and money calculator How to protect your finances during separation if you were living together Arranging interim spousal maintenance in England, Wales and Northern Ireland How to protect your finances during divorce or dissolution Divorce or dissolving a civil partnership: appointment to discuss pensions.

Explore this topic close Breaking up - sorting out money and assets How to sort out your money on divorce or dissolution How to sort out your finances on separation if you were living together Sort out joint bank accounts, insurance, bills and other finances with your ex-partner How to divide your possessions if you separate Dividing investments and savings during divorce or dissolution Dividing business interests when you separate if you were living together Protecting yourself against financial abuse Dividing investments and savings when you separate if you were living together Dividing business interests on divorce or dissolution Divorce and money calculator How to protect your finances during separation if you were living together Arranging interim spousal maintenance in England, Wales and Northern Ireland How to protect your finances during divorce or dissolution Divorce or dissolving a civil partnership: appointment to discuss pensions.

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