The principle of equality is the starting point for any division of assets in a divorce. In effect, this means that the assets accumulated by the partners during the course of their marriage are typically divided equally between them.
However, the courts can depart from the principle of equality and the advice of experienced family law lawyers, like our team at Burton & Dyson in Gainsborough, Lincoln and Lincolnshire can help to clarify the likely view the courts might take.
When dividing the finances of a divorcing couple the court will take into consideration issues including:
- assets: the earnings, property and other financial assets each partner has, or is likely to have in the future
- needs and responsibilities: any debts, such as mortgages, that either partner needs to pay off or any children that need to be provided for
- standard of living: the difference a divorce will make to the couple’s standard of living, as well as any contributions made to the marriage and their effect on the family’s welfare
- duration of the marriage: the length of the marriage, the age of both partners and the likelihood of either partner remarrying
- behaviour: the behaviour of either partner may, in exceptional circumstances, be taken into consideration
- benefits: any benefits brought to the marriage that may be lost on divorce, such as pension schemes.
For more information on any of our family law and divorce services, please contact us.