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CHRIS MYLES, Director, Head of Family Law Team and Family Mediator at Crombie Wilkinson Solicitors LLP, explains the law surrounding division of assets when a couple separate.
THERE are very few hard and fast rules when it comes to what you are entitled to if you separate from your spouse, and the Courts have ultimate discretion to make whatever order is ‘fair’ on the particular facts of your case.
The starting position is an equal division of assets, which can include property, savings, investments, businesses and pensions. Orders can also be made to provide income to a party.
There is a complete list of criteria that the Courts should consider at Section 25 of the Matrimonial Causes Act 1973, but priority is given to the needs of any dependent children of the marriage, and meeting the needs of each party, if it is possible to do so.
You are free to agree how assets will be shared between you. You can discuss this directly with one another, through solicitors, by going to mediation, or a combination of all these things – whatever works best for you.
In the event you are unable to agree and get an order by judgement in place, ultimately a Judge would decide at the end of court proceedings. Food for thought!
Q: Can I keep the family home, can my partner claim my inheritance, and will my new partner’s assets get referred to in the divorce?
Selling the home, one of you buying the other out, or keeping it as it is and one of you continuing to live in it (e.g. until children are 18/leave education), are all options to consider. Much will depend on both of your needs and, in particular, the needs of any children, as to what happens to the family home.
If the needs of the parties and any children cannot be met in any other way, then inheritance is likely to be included in the ‘pot’, depending on the facts of your case. If inheritance was used some time before the separation (e.g. to buy or improve the family home or pay off the mortgage) then it is likely to be included. A future legacy can be included in the ‘pot’, but this is a lot less common. A lot is based on your circumstances.
Both parties are obliged to be transparent as to their plans to remarry or cohabit, and if this is the case you will be required to at least provide basic details of assets and income of a new partner, so it can be properly considered. The court will not make an order over assets solely belonging to another person not a party to the marriage, they may be considered, however, to the extent that they may help to meet the needs of the spouse, by contributing towards outgoings and/or providing a place for them to live, for example. Ultimately, it is a question of achieving fairness overall.
Telephone: 01904 624185
Email: c.myles@crombiewilkinson.co.uk
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