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Each person’s case is different to the next and the family court must take a look at all of the relevant circumstances. The objective is to achieve a fair outcome.
A divorce solicitor can advise you of your rights and claims. This is to help you reach a financial agreement. Your divorce lawyer can apply the relevant principles and factors that a judge would have to do. This is to look at the range of possible financial outcomes and to consider tactics with you.
In all divorce and financial cases, the starting point is 50/50.
However, it is very important that you and your divorce solicitor knows what is financially at stake. There should be a full financial disclosure to see what this sharing principle means in reality.
Next, the court needs to apply a checklist of factors as set out below. This is to cross check whether 50/50 is actually fair and if not, why not?
Against the sharing principle, the Family Court must also take into account the following factors:
The first consideration is then given to the welfare of any child under the age of 18 but this is not an overriding factor. Much depends on the facts of your case.
Of course, the weight of one factor over another really depends on the individual circumstances of your case.
International Family Law
Divorce Finances
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We acted on behalf of a husband, aged 60. The wife was 40 years old; and they had been married for 5 years with no children.
The family home was valued at £1M and mortgage free. The husband also had a pension of £1M and some small business interests. The wife worked full time.
Naturally, the wife argued that the sharing principle should apply and the property and pensions assets should be divided 50/50. We successfully argued that the Family Court should take into account the checklist of factors, noting that: this was arguably a short, childless marriage, the husband had made significant financial contributions (especially before the relationship), there was an age difference etc. The wife, of course would have needs ie. to be rehoused but the husband would also be looking at retirement in the foreseeable future, so his needs needed to be considered too. These were all factors to depart from the principle of 50/50 in the husband’s favour.
It is important that the terms of your financial settlement are set out within either a separation agreement or, if there is a divorce, a consent order. Since the 6 April 2022 there is a new ‘no fault’ divorce law in England & Wales.
This is to avoid a party unpicking the financial agreement and effectively attempting to have a second bite of the cherry.
It is also important to check with your family law solicitor that the terms of any agreement are fair and that everything has been taken account of, especially as a both of you will have a number of financial claims.
We make International Family Law simple for you and take away as much of the stress and drama as possible. Remember, we’re on your side.
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We are experts in this field of divorce and finances. We have a strong team of divorce solicitors to help you and to achieve the best financial outcome. We are also experts in international family law and can help where there are assets overseas and to consider jurisdiction or enforcement issues.
We are ranked in Tier 1 of the Legal 500 independent directory to the legal profession for family law for 2023 and preceding years.
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Maguire Family Law are expert finances and divorce solicitors. We provide specialist advice and representation on all financial matters related to divorce, ensuring your assets are protected and your financial future is secured.
Contact us for a no-obligation assessment of your case.
We are rated in Tier 1 of the Legal 500 – a law firm you can trust.
Our friendly team are experts in international family law.
We have an award-winning team of solicitors to help you.
