The division of marital assets during a divorce is guided by the principle of fairness rather than a strict 50/50 split. The legal framework for financial settlements in divorce cases is provided by the Matrimonial Causes Act 1973. The court considers a range of factors when determining how to divide the assets, and the goal is to achieve a fair outcome based on the individual circumstances of each case.
Some of the factors taken into account by the court include:
1. The Welfare of Children: The needs of any children from the marriage are given top priority. The court will consider their financial needs, housing requirements, and other relevant factors.
2. Financial Contributions: The court will assess the financial contributions made by each party to the marriage. This includes income, property, and any financial assets brought into the marriage or acquired during the marriage.
3. Non-Financial Contributions: Non-financial contributions, such as homemaking and childcare, are also considered. The court recognises that these contributions are valuable to the family and may impact the financial settlement.
4. Duration of the Marriage: The length of the marriage is taken into account. Longer marriages may lead to different considerations than shorter ones.
5. Standard of Living: The court will consider the standard of living enjoyed by the family during the marriage and seek to achieve a fair outcome that allows both parties to maintain a reasonable standard of living post-divorce.
6. Age, Health, and Earning Capacity: The age, health, and earning capacity of each spouse are important factors. The court considers the ability of each party to support themselves financially after the divorce.
7. Contributions to Welfare of the Family: The court may also consider any contributions made by one spouse to the welfare of the family that are not strictly financial.
While the court aims for a fair outcome, it doesn't necessarily mean an equal 50/50 split of assets. The circumstances of each case are unique, and the court has discretion to make orders it deems appropriate based on the factors mentioned.
It's important for individuals going through a divorce to seek legal advice to understand their rights and obligations, as well as to ensure that any financial settlement reached is fair and takes into account all relevant factors.