Splitting assets and providing disclosure of your financial assets to your ex can feel overwhelming. Stefani Solicitors are here to help you overcome this situation with our practical, sensitive and cost-effective approach whilst ensuring you achieve a good outcome.
S25 of the Matrimonial Causes Act 1973 provides guidelines used by English and Welsh Courts when dealing with financial claims involving property, savings, pensions and maintenance of spouses.
Do you have dependent children under the age of 18? If so, this will have an impact on the court’s exercise of discretion in splitting matrimonial assets. In deciding how the court shall exercise its powers, the first consideration is to the welfare and needs of the dependent children. The court will also have regard to all circumstances of the case.
Given the Court’s ample discretion and there being no rigid rules, it will take into account various factors when considering the division of the matrimonial assets such as:
a. The welfare of the children - In practical terms, this means providing a home for the children and other needs such as food and clothing.
b. The income, earning capacity, property and other financial resources which each of the parties to the marriage has or is likely to have in the foreseeable future;
c. The financial needs, obligations and responsibilities which each of the parties to the marriage has or is likely to have in the foreseeable future;
d. The standard of living enjoyed by the family before the breakdown of the marriage;
e. The age of each party to the marriage and the duration of the marriage;
f. Any physical or mental disability of either of the parties to the marriage;
g. The contributions made by each of the parties to the welfare of the family, including any contribution made by looking after the home or caring for the family;
h. In the case of proceedings for divorce or nullity of marriage, the value to either of the parties to the marriage of any benefit (for example, a pension) which, because of the dissolution or annulment of the marriage, that party will lose the chance of acquiring.
i. Bad behaviour or conduct is rarely take into account unless it is exceptional. We can advise you on merits of advancing such arguments.
j. The existence of pre-nuptial agreements or post-nuptial agreements – they are not legally binding but can assist in allowing the parties to regulate their financial affairs in the event of a divorce.
What will happen?
Prior to making an application, parties will normally engage in pre-action disclosure and correspondence to attempt to reach an agreement as to how assets will be split.
Once an application is made for a financial remedy, there will normally be 3 hearings: First Appointment hearing (ie directions hearing), a financial dispute resolution hearing and final contested hearing.
The way each case is conducted will vary depending on their individual facts.
Need advice on divorce or division of assets? Please contact us and we will be happy to discuss your circumstances in more detail and advise you on available options and their respective costs.
You can contact our specialist family lawyers Fernanda Stefani Araujo, Paul Wilson or Misba Sajawal on email@example.com or 07383 828368.
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