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How Assets And Money Are Split In Divorce

There are various different elements involved with getting divorced. First there is the official legal process, which involves obtaining a decree nisi and eventually a decree absolute

Then there are aspects involving any children eg. which parent they live with and how often they visit the other parent etc.

But what we will look at below is the financial side of divorce. Which assets are included in the matrimonial pot and how are these divided up?

What assets are included in a divorce?

Most assets which have been acquired or built up during the course of marriage will be added to the so-called ‘matrimonial pot’ upon divorce. These include:

  • Matrimonial home – the house where husband and wife lived (irrespective of whose name is on the deed).
  • Personal savings – whether these are in individual or joint accounts, any monetary assets are generally added to the pot.
  • Pension – this is considered to be a matrimonial asset, and its value can be taken into account when coming to a financial settlement.
  • Business assets – even non-family businesses which were just set up and managed by one spouse are generally considered to belong to both husband and wife in terms of their value. But rather than selling the business and splitting proceeds, often the division of assets will be realised via ongoing maintenance payments and/or a lump sum.

But any non-matrimonial property – such as an inheritance or assets which were acquired before the marriage and kept separately from joint finances – are often treated differently in the context of divorce.

 The rationale behind this was set out in the case of White v. White, in which the court acknowledged “the view, widely but not universally held, that property owned by one spouse before the marriage, and inherited property whenever acquired, stand on a different footing from what may be loosely called matrimonial property.” 

How are assets divided in divorce?

When researching divorce splits the common split examples are 70/30, 60/40 or 50/50.

The general principle is that the matrimonial pot should be divided equally upon divorce. 

Although each individual divorce will have its own specific set of circumstances, and the court may decide that one party is entitled to a larger share (depending on need), there is an assumption of a 50:50 split as the starting point.

However, there is an overriding principle of ‘fairness’ which may well trump a simple division of assets.

Section 25 of the Matrimonial Causes Act 1973 sets out the various factors which a family law court should take into account when deciding on how any assets should be divided, including:

  • welfare of any children under the age of 18 (this is the primary consideration);
  • 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;
  • the financial needs, obligations and responsibilities which each of the parties to the marriage has or is likely to have in the foreseeable future;
  • the standard of living enjoyed by the family before the breakdown of the marriage; and
  • the age of each party to the marriage and the duration of the marriage.

What are my financial rights to money and assets in divorce?

Every marriage is unique which means that the way in which assets will be divided upon divorce – whether this is a mutual decision by the separating parties or the result of court proceedings – is very much down to the individual circumstances.

There are generally no automatic rights; instead it will be about meeting the needs of both husband and wife – and, more importantly, ensuring that any children are adequately provided for.

Divorce settlement examples

Although the divorce settlement will depend upon the specific scenario, common arrangements include:

  1. 50:50 split of assets – with monthly maintenance paid to the primary carer of any children.
  2. Mother and children remain in the matrimonial home – husband pays mortgage.
  3. Settlement with a lump sum – known as a ‘clean break’.

How long after a divorce can you claim assets?

Although a decree absolute officially ends a marriage, financial claims can be made by either party well into the future, unless:

  • A clean break order or a consent order has been put in place – these essentially prevent future claims.
  • Remarriage – if one party has remarried, this can prevent them from making a financial claim.

Otherwise, there is no time limit on any claims. This is why obtaining a consent order upon divorce is vital. Without one either party to the divorce can claim on the others assets years later.

Many couples believe their divorce is amicable and therefore they do not need however, there have been many cases where one parties circumstances change and they then wish to make a claim and without a consent order they may be successful.

We offer a variety of financial consent order services starting at just £199. Use our quick and easy tool below to find out which service is suitable for you.

Which Financial Order Do I Need Tool V2

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Find out which Financial Order you need following a divorce

Be matched with the ideal service by answering a few simple questions.

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Which stage of the divorce proceedings are you at?
I need to obtain a divorce
I'm already divorced
Do you have any assets to split as part of your financial order? E.g. A family home, pensions or personal belongings
Yes
No, just a clean break

Clean Break Order Service - £199

This service is ideal for couples that want to put their financial split into a legally binding financial order, to ensure no claims by either party can be made in the future.

Ending your marriage doesn't end your financial relationship. This means, even if you don't have assets such as property, pensions or savings to split, you still need to obtain a court order.

Why you should choose this service...

  • You'll save over £1,000 compared to hiring high-street solicitors.

  • The order is drafted for you within 28-31 working days.

  • Drafted by qualified family law solicitors with 10+ years experience.

  • Everything can be completed online start-to-finish.
Read More Information On This Service - £199

Managed Divorce & Clean Break - £299

This service involves Divorce-Online handling your entire divorce and the making of a binding clean break order at court, which will put your financial agreement into legal effect following a divorce.

Everything can be completed online at your convenience. It's the most affordable and straightforward way to obtain a clean break divorce. At £299 fixed fee it's excellent value for money.

Why you should choose this service...

  • You'll save over £1,000 compared to hiring high-street solicitors.

  • Everything is completed online, no time off work or court appearance necessary.

  • Clean break order is drafted by qualified family law solicitors.

  • We handle everything for you, from start-to-finish including dealing with the courts.

  • Track the entire process online via a phone, tablet or laptop. Perfect for busy people.
Read More Information On This Service - £299
Have you reached an agreement with your spouse on your financial split?
Yes
No

Legal Advice Consultation - £99 Service

Speak to our family law solicitors to receive professional legal advice to understand your legal position and where you stand in relation to a financial split.

  • Legal advice is given on your legal position
  • 1-hour telephone call with your solicitor
  • Instantly schedule a call in with your solicitor
  • One low-cost fixed-fee payment of £99
Complete Our Secure Checkout To Get Started - £99
Which assets do you need to split as part of your financial agreement? Select options below.
Division/sale of a property
Division/sale of 2 or more properties
Division/split of pensions
Child maintenance agreement
Spousal maintenance
Division of joint debt(s)
Division of savings
Division of investments
Division/sale of a business
Other
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Detailed Consent Order Service - £399

Our Detailed Consent Order Service is ideal for couples that are looking to put all of their assets and finances into a legally binding financial order, to ensure no claims by either party can be made in the future.

Our solicitors will draft the consent order to your individual circumstances and process the order through the courts for you.

This service can include any/all of the following;

  • Division of pensions
  • Property portfolios
  • Division of business assets
  • Sale or transfer of property
  • Personal belongings
  • Lump sum payments
  • Child/spousal maintenance

Why you should choose this service...

  • You'll save over £1,000 compared to hiring high-street solicitors.

  • Individually drafted to your circumstances within 31 working days

  • Drafted by qualified family law solicitors with 10+ years experience.

  • We handle everything for you, from start-to-finish including dealing with the courts.
Read More Information On This Service - £399

Managed Divorce & Consent Order Service - £499

This service is ideal for couples that want to have their divorce completely handled for them whilst putting their financial split into a legally binding consent order.

This service can include any/all of the following;

  • The sale or transfer of a property
  • Division/split of pensions
  • Division/split of property portfolios
  • Division/split of savings
  • Personal belongings
  • Child/spousal maintenance
  • Lump sum payments
  • Debt provision

Why you should choose this service...

  • You'll save over £1,000 compared to hiring high-street solicitors.

  • Everything is completed online, no time off work or court appearance necessary.

  • Drafted by qualified family law solicitors with 10+ years experience.

  • We handle everything for you, from start-to-finish including dealing with the courts.
Read More Information On This Service - £499

Managed Consent Order Service - £299

This service involves having our qualified solicitors draft your consent order agreement and file your application with the courts, which will ensure your agreement is made legally binding.

You simply provide us with your financial split information online in your secure account and we do the rest for you!

This service can include any/all of the following;

  • The sale or transfer of a property
  • Personal belongings
  • Child/spousal maintenance
  • Lump sum payments
  • Debt provision

Why you should choose this service...

  • You'll save over £1,000 compared to hiring high-street solicitors.

  • Everything is completed online, no time off work or court appearance necessary.

  • Consent order is drafted by qualified family law solicitors.

  • Everything is handled for you from start-to-finish including dealing with the courts.
Read More Information On This Service - £299

Managed Divorce & Consent Order Service - £399

This service is ideal for couples that want to have their divorce completely handled for them whilst putting their financial split into a legally binding consent order.

This service can include any/all of the following;

  • The sale or transfer of a property
  • Personal belongings
  • Child/spousal maintenance
  • Lump sum payments
  • Debt provision

Why you should choose this service...

  • You'll save over £1,000 compared to hiring high-street solicitors.

  • Everything is completed online, no time off work or court appearance necessary.

  • Drafted by qualified family law solicitors with 10+ years experience.

  • We handle everything for you, from start-to-finish including dealing with the courts.
Read More Information On This Service - £399

Common FAQs

When can you obtain a financial consent order?

The best time to apply for your financial consent order is after your decree nisi has been pronounced, you are unable to do so before. However, you can also enter into one after your divorce has been finalised.

Me & my soon to be ex spouse can't come to an agreement, what can we do?

It’s always best to come to a fair agreement between yourselves however, sometimes this isn’t possible. The courts can then help decide how your assets should be split but this does come at a cost. Mediation may work & help keep the costs down but its always best to seek legal advice, especially if your belive your are not getting a fair settlement.

View our Financial Consent Order Services

Each of our services can help you deal with your finances whilst saving you thousands in legal fees.

You’ll save over £1,000 compared to hiring high-street solicitors

Can include selling property, transferring property, making a pension sharing order or paying over money as well as splitting your assets & money.

Everything is completed online at your convenience

Settlement is drafted by qualified family law solicitors

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