KJL Solicitors in Norwich

The finance and assets

The finance and assets

Sorting out a financial settlement on divorce can be complex. Often the parties have been married for some years, and the assets have been built up together. Each party feels entitled to a share of those assets.

The question then arises as to “how much?”

 

Each case is different, and it may be possible to negotiate a solution to avoid a full blown court hearing, and to have a settlement that the parties are happy with rather than having a decision imposed upon them by the court which may not be to their liking.

 

If a court has to make a decision on the financial settlement, it has to take into account various factors:

 

  • Income, earning capacity, property and other financial resources which each of the parties of the marriage has or is likely to have in the foreseeable future.
  • Any increase in that capacity which it would in the opinion of the Court is reasonable to expect the parties of the marriage to take steps to acquire. So a Court cannot look only at the actual earnings but also what a party can be expected to earn in the future.
  • Financial needs, obligations and responsibilities which each of the parties has or is likely to have in the foreseeable future.
  • The standard of living enjoyed by the family before the breakdown of the marriage.
  • The age of each party to the marriage.
  • Duration of the marriage.
  • Physical or mental disability of either of the parties to the marriage.
  • The contributions which each of the parties has made or is likely to make to the family.
  • The conduct of the parties. Only in very exceptional circumstances will this ground be relevant.
  • The value to each of the parties to the marriage of any benefit which, by reason of the dissolution or annulment of the marriage, that party will lose. This most frequently relates to the loss of pension rights

The law in this area is fast moving and we do keep up to date with the latest case law.