When it comes to the legal process of how assets are divided during a divorce, it can often be a complex task. When it comes to property, there are certain factors that must be calculated to figure out how the property will be divided between the two. If you should find yourself in this situation, it’s worth knowing how the property might be calculated when it comes to your case.
What property is included in a divorce?
With property, it’s not just necessarily physical property as in your home. There are also assets like joint savings, pensions, and maintenance that can all be factored into the overall estate that you share.
When there are dependent children involved that are under the age of 18, then this will also bear a large influence on how court will divide the assets.
How are the assets divided in a divorce?
When it comes to dividing the assets, there are certain things that are considered in deciding how to divvy them up. These are:
- The income, earning capabilities, property, and other financial resources that each party has or will have in the foreseeable future.
- The financial needs and obligations or responsibilities that each party has or is likely to have in the foreseeable future.
- The standard of living that was enjoyed by the family before the breakup of the marriage.
- The age of each party to the marriage and duration of the marriage.
- Any physical or mental disabilities that either party has.
- The contributions made by each party to the welfare of the family, including contributions made to looking after the home and family members.
What can the court order?
When it comes to the division of property, the court has the power to make a variety of orders to either party involved. These include the following:
- The payment of a lump sum may be ordered to one party from the other or in a series of lump sums depending on what is most appropriate.
- Sale or transfer of certain property or all property depending on what is available and what is rightfully owned by each party.
- Division of pensions might be necessary with a percentage of one going to the other.
- Spousal maintenance can involve one party paying for the other’s maintenance. This might be until one party remarries, or it might be set for a fixed period of time.
- Child maintenance is often necessary when it comes to any children where one party predominantly looks after the children and therefore needs more income to support their upbringing.
Every marriage is different, and so this can vary when it comes to the amount of property and assets the parties have. It can be dictated in relation to the scenario each party is in, who they are responsible for, and a variety of factors, as mentioned above.
Do you need legal support?If you need support when it comes to your own divorce or division of property, then it’s important to get the right legal aid when you’re ready. At Harry McPartland & Sons Solicitors, we have decades of experience with family law. To find out more from our team of solicitors, get in touch today.