Divorce today is a common scene in U. K’s marriage space. The question arises about how one comes to a mutual agreement regarding the financial settlement. Financial disputes in divorce matters can lead to an ugly turn of events. Hence, the aim is to divide the assets fairly though this does not necessarily mean an equal division.
What it means is that there is no discrimination between the roles of breadwinner and homemaker since both are regarded as equal. Finances in a divorce matter can be settled either by consent agreement among both parties or by a financial settlement order made by the court. The courts and judicial system try to push decision-making into the hands of the people affected by it the most and recommend family mediation as a method of dispute resolution when an understanding cannot be agreed upon.
When it comes to settling financial disputes in divorce matters in the UK, certain rules need to follow under section 25; this can be summarised as follows:
● Fair share
This essentially means a 50/50 split, though the court has the final say in all settlements. There would be no discrimination between the homemaker and the breadwinner. If a couple has been married for decades, the partner who left work to raise the children might get preferential treatment. All the assets like Matrimonial Home, Business Assets, Assets Held in a Trust, Pension, Overseas Assets, Life Insurance, Or Endowment Policies are split into half.
The needs of the dependent children are given top priority in the court of law. In practical terms, this usually means that accommodation must be provided for the children and the parent who looks after the children for much of the time. However, if both parents have agreed to share the child’s arrangements equally, then their housing needs are likely to be equal as well.
● Facts are taken into account
The age of each party in the marriage and the duration of the marriage also plays a significant role. This includes the physical or mental disability of either of the parties and the standard of living enjoyed by the family before the breakdown of the marriage.
Although all of this sounds very complicated, the dedicated team of professionals at Alfred James and Co. provides fast, friendly, and reliable legal services for your financial disputes in divorce matters in the UK.