How Will Our Money Be Divided If We Divorce?

Often, when a marriage breaks down the focus is on how the family finances should be divided. It can be a worrying time for both spouses especially the party in the weaker financial position as they will be anxious about how the will be able to afford to live without the financial assistance of their spouse, which in some cases they have depended on for many years.

There are a number of common themes that arise in the majority of divorce cases when it comes to distributing the financial assets in a case.
This month’s article summarizes some of the generally accepted principles that the Court adopts when dividing assets on divorce. 
The main principles are:
1. The first consideration in all cases will be the welfare of any minor children. It will not however be the paramount consideration from a financial perspective. The Court will look at how a child’s needs can be met from the financial resources available in the case.
2. There is no mathematical formula as to how assets will be divided. In England and Wales, Judges have a wide discretion in making orders which they deem fair and reasonable. No two outcomes will be the same. 
3. The reasonable needs as to capital and income of both parties must be considered. This means that the Court will look at where the parties will live and how they will be able to fund their monthly living costs. How far these needs can be met will depend on the assets available in the case.
4. The most important requirement for most people is housing. The primary task of the Court in the large majority of cases will be to try and ensure that both parties are housed. Where there are dependent children, the housing of the parent with the main care of the children will come first. 
5. The Court will always have regard to the possibility of a clean break and self sufficiency in every case. Where possible it aims to divide assets cleanly allowing the parties to start afresh. This cannot always happen particularly where there are children involved and/or one spouse is working and the other isn't.
The world of divorce law can be complicated and at times unpredictable due to the discretion that the Court adopts when dividing assets. It is important therefore that you seek advice from a solicitor who specializes in family law work who can advise you as to the likely and possible outcomes in your case. 
If you would like any further information about this topic or any other family law advice, please do not hesitate to contact me. I am a Partner at the International Family Law Group LLP and I solely specialize in family law. My telephone number at the office is 0203 178 5668 and my email address is [email protected]
Lucy Loizou
© September 2013
Lucy Loizou
Partner
www.iflg.uk.com
About Lucy Loizou
Lucy is a Partner with the International Family Law Group LLP.
 
Lucy is regarded as one of the country's leading young family lawyers. She undertakes complex financial and children disputes and has worked on a number of cases involving high net worth issues often involving an international element. 
She has also acted for a number of high profile individuals and assisted in resolving their disputes swiftly and discretely. She has experience dealing with the national media.
 
She has worked in Surrey and in Central London.  She has written family law articles for various legal journals and regularly lectures on areas of family law. She sits on the Resolution National Committee. 
 
She also had her own fortnightly radio show on London Greek Radio for 3 years where she answered questions on all family related matters. She currently hosts her own weekly family law television show on Hellenic TV.
 
She speaks Greek fluently.