Clear, early guidance can make the road ahead feel far less daunting. B P Collins’ family team advises people at every stage, from those quietly exploring their options to couples ready to formalise a settlement, offering pragmatic advice, calm negotiation and robust representation where needed. They regularly handle cases involving complex assets (including pensions, businesses and trusts), and can support you through mediation or court proceedings, always with a focus on achieving fair outcomes for you and any children. Many people facing the end of a marriage understandably want to know what they may be entitled to. B P Collins’ family team provides the answers.
Divorce is not just an emotional process, it’s also a financial one. Many people facing the end of a marriage understandably want to know what they may be entitled to. B P Collins’ family team provides the answers.
The starting point: 50/50 split
The courts will initially look to split equally all assets built up during the marriage, such as the family home, bank accounts and investments including pensions. However, the courts will then cross check whether this would meet the needs of each spouse and their children. Ultimately meeting needs often leads to an unequal split of the assets.
Matrimonial vs. non-matrimonial assets
Matrimonial assets are those generated during the marriage, regardless of who generated them, or took on other tasks such as caring for children. Non-matrimonial assets, such as inheritance, pre-marital property, or gifts are usually excluded. However, if they have been mingled with family finances, such as buying the family home, they may be ‘matrimonialised’ and therefore shareable. Non-matrimonial assets can also be applied to meet the needs of the parties if there are not enough matrimonial assets.
Factors considered
The court does not take into account who caused the breakdown of the marriage. It focuses instead on more practical matters including:
- Your children’s needs including their housing (albeit downsizing in most cases) and financial stability
- Each spouse’s income and earning capacity including earning potential
- Financial resources such as trusts that one party is a beneficiary of
- Duration of the marriage
- Standard of living during the marriage
- Physical or mental disabilities
Pensions
Pensions are often overlooked but can be the most valuable asset. Pensions can be shared to create a new pension for the receiving spouse or offset against other assets. The court will divide them based on need and can include pre-marital pensions.
Before your divorce is finalised
If you’re financially dependent on your spouse, a family solicitor can help negotiate appropriate interim financial arrangements. If your spouse refuses to make adequate provision, you can apply to the court for an interim financial order, requiring your spouse to pay until a final settlement is reached.
Practical steps
While it can feel overwhelming, being organised helps. Gathering financial information about all the assets will help your solicitor give you more accurate advice and aid discussions with your spouse. Dividing assets is rarely straightforward and outcomes depend heavily on your personal circumstances. If you are going through, or considering divorce, speaking to a specialist family solicitor at an early stage can help you prepare the best way forward, and help you to feel more in control.
Dividing assets is rarely straightforward and outcomes depend heavily on your personal circumstances. If you are going through, or considering divorce, speaking to a specialist family solicitor at an early stage can help you prepare the best way forward, and help you to feel more in control. Please contact B P Collins’ family team at enquiries@bpcollins.co.uk or call 01753 889995.
