Divorce division of assets can be a very challenging time. If the couple agree to a particular arrangement, they can make it legally binding by recording the arrangement in a consent order to be approved by the court. This can include money, property, savings, and other arrangements such as child maintenance. If they do not agree on the asset division, they should make an application for a financial order. A financial order will set out the division of assets in addition to any potential maintenance fees.
The division of assets will be decided by the judge and based on several factors. These factors include the following:
- Your age;
- How long you have been married;
- Your ability to earn;
- Your property and money;
- Your standard of living;
- Your living expenses; and
- Your marital role.
This process exists to provide a clear division of assets for the benefit of both parties. Although these are legally binding, there can be changes to the division of assets once made if the circumstances which gave rise for such division are changed. That is, if there is a material change of circumstances. For example, maintenance fees can be varied if the individual required to pay the fees loses his or her job.
The Judge will use all these factors to decide the fairest division of assets so the couple involved can have a clean break and can move on with their lives with as little financial association as possible. Although these times can be difficult, it is crucial to make sure that you seek legal advice to best represent your interests. At Bloomsbury Law, we appreciate that a divorce is difficult; this is why we are here to answer any questions you have in order to assist you in making the division of assets as easy as possible.
What do I do next?
Contact us online or speak to one of our dedicated top family law solicitors on 0207 998 7777 for a free initial consultation. With our vast experience in the field, our team will work with you to ensure this process runs as smooth as possible. All information you provide us with is treated with the utmost confidentiality.
We can provide you with clear, focused advice combined with a sympathetic understanding. In order to minimise the emotional and financial impact we will always act in your best interest and try to take a conciliatory approach. We will however, take a firm stance where this is necessary in order to obtain the best possible outcome for you.
We will contact you no later than the next working day to arrange a meeting at our offices in London W1 to advise on the agreement.