Divorce & Asset Division: Can You Take Half?

Divorce is often a complex procedure and asset division can be far from straightforward.

Many people assume that assets are always split down the middle between spouses during a divorce. However, this is not always the case as the court will focus on achieving a fair outcome for all rather than simply dividing the assets equally between spouses.

How Are Assets Divided In A Divorce Case?

Courts focus on fairness rather than an even split when it comes to asset division in a divorce, and will consider numerous factors during the decision process.

During a divorce, a court will follow guidelines set within the Matrimonial Causes Act 1973 which outlays various factors for a fair outcome.

Factors affecting the division of assets, include:

• Children and their welfare
• Each spouse’s financial needs
• Each spouse’s earning capacity
• Age and health of each spouse
• Contributions to the marriage (not simply financial)
• Future financial needs of each spouse
• Marriage length
• Behaviour of each spouse

Are All Assets Divided In A Divorce?

No, not all assets are necessarily divided in a divorce.

As a guide, marital assets likely to be divided in a divorce, include:

• Family home
• Joint savings
• Joint bank accounts
• Pensions
• Investments
• Businesses owned by either spouse
• Cars
• Valuables
• Debts

Assets that might be excluded in a divorce, include:

• Properties owned before the marriage
• Gifts given to only one spouse
• Inherited money or items

It is important to note, if one spouse’s financial needs cannot be met through their own resources or the marital assets, the court may consider it necessary to allocate a portion of the non-marital assets, to ensure those needs are addressed. This could include the division of assets such as property, savings, or investments, with the aim of providing equitable support to the spouse who requires additional financial assistance to maintain their standard of living or meet specific needs following the dissolution of the marriage.

Helping You With Your Divorce

Asset division is not always straightforward and sometimes assets are not split 50/50. Many factors are taken into consideration during divorce proceedings, to ensure the outcome is as fair as possible. This is why it’s important to seek legal advice before starting the divorce process as your solicitor will ensure your interests are both represented and protected.

Our experienced divorce solicitors will provide you with specialist, tailored advice and support to ensure you’re supported at every step of the divorce and that a fair outcome is achieved for all parties, especially any children involved.

To speak to us about your divorce, you can contact us at our Chorlton office on 0161 860 7123 or email chorlton@hlfberry.com or at our Failsworth office on 0161 681 4005 or email failsworth@hlfberry.com and we will be happy to help.