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Divorce Splitting Assets

Besides the legal process of obtaining a divorce, and all aspects involving children, there are also many important financial elements which require consideration.

This guide ‘Divorce Splitting Assets’ considers the financial aspect of divorce in the UK and specifically which personal assets are included in the matrimonial pot when dividing assets in divorce. The general principle and therefore the starting point, is that the matrimonial pot should be divided equally upon divorce.

But in practice the process is often not that simple and many cases involving splitting assets after divorce end up as a divorce 70 30 asset split. Read on to find out why, what your options are and how to divide assets in a divorce.

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    Financial Consent Orders

    Without obtaining a financial consent order through court, you will still be financially tied to your ex-partner, even several years after your divorce.

    We encourage every couple that gets a divorce through our services to obtain a financial consent order so that you can both move on with the confidence that no future claims can be made by either party.

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    Obtaining a financial consent order is the only way to ensure that your settlement agreement is legally enforceable.
    • Fixed-fee including VAT with no hidden extras
    • We provide all forms that need completing and signing by both parties
    • A choice of two affordable consent order services from just £399

    Frequently Asked Questions

    Are personal savings classed as assets in divorce?

    Personal savings, ISA’s and other investments are all classed as assets that must be disclosed if seeking a financial settlement when getting divorced. These personal savings and investment funds will mostly have been built up during the marriage, thereby classing them as a matrimonial asset, even if held in one name only.

    There are however some exemptions. If you can prove that the savings were built up before the marriage they could be considered a non-matrimonial asset. Other exemptions could include savings from an outside source like a gift or an inheritance, or additional savings accumulated since separating.

    It should be noted that although under these exceptions your savings are often exempt from a financial settlement, it doesn’t mean that they always are. If your settlement is taken to court, the judge always has the option to include these if they feel it’s necessary.

    Read our article personal savings and divorce for more information.

    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 consent order has been put in place which essentially prevents any future claims from either party.

    Alternatively, if one party remarries this can prevent them from making a financial claim against their former spouse, otherwise, there is no time limit on any claims.

    Many divorcing couples believe their post marriage relationship is amicable and therefore do not need a financial clean break. However, there are many cases where one party’s financial circumstances have changed, leading them to make a financial claim against their ex-spouse sometime later.

    Without a consent order preventing them from doing so they may well be successful. Therefore, obtaining a consent order upon divorce is vital, because without one either party can claim on the other’s assets years later.

    We offer a choice of fixed-fee financial consent order services starting from just £399 including VAT for our Clean Break Consent Order Service.

    Our options provide for people that want to file for a consent order themselves, or services for people who want to have the process handled for them by our family law experts. We also provide a consent order service suitable for those with high-value assets such as pensions, investments, or overseas property.

    What are my financial rights to money and assets in a 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.

    What happens if we cannot agree on how to divide our assets?

    It’s always best to come to a fair agreement between yourselves however, sometimes this just 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 it’s always best to seek legal advice, especially if you believe you are not getting a fair settlement. This article: What am I Entitled to in a Divorce may also be helpful.

    What if I believe my spouse is hiding assets?

    Before the divorce a spouse may decide to spend or transfer money with a view to hiding it from the matrimonial pot. Can you hide assets before divorce is something we often get asked by people seeking a divorce.

    There is a penalty for hiding assets in divorce as it is illegal to intentionally hide assets from the court. There is a responsibility on each spouse to make a full disclosure of their financial position, which includes the full extent of their assets.

    If either party suspects their spouse is hiding some of their assets it should be discussed with a solicitor so that it can be brought to the attention of the court who can then intervene if required.

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