Ask a Family Law Question, Get an Answer ASAP!
Hi, thank you for your message. If you are able to decide the outcome of your finances without going to court then you can make an agreement as you both please and one you both agree upon. The starting point is normally a 50/50 split but is based on fairness. Normally upon separation you will need to determine your matrimonial assets and your non-matrimonial assets, as it could make a difference to your Financial Settlement. Matrimonial assets are financial assets that you and/or your spouse acquire during the course of your marriage. This differs to non-matrimonial assets, which are financial assets acquired either before or after your marriage. However, matrimonial assets typically include things such as the family home, pensions and savings. It doesn’t really matter who put the money forward or who accumulated the wealth. When you’re married, the law in England and Wales considers that any assets you acquire also belong to your husband or wife. Non-matrimonial assets typically include things like inheritance, family businesses and property purchased before the marriage or after separation. Matrimonial and non-matrimonial assets matter when it comes to divorce and separation because you and your ex will need to divide your finances between you. The arrangement that you reach must be fair and reasonable to each person. Matrimonial assets will, by their very nature, be shared out between you and your spouse during divorce. Non-matrimonial assets are a little more complicated. Often you can request that they be excluded from the Financial Settlement. But this request might not always be granted. This might be because the non-matrimonial asset was used somehow in your marriage. The starting point for the courts is a 50/50 split but in making their decision they will look at fairness and each of your financial situations. I hope this helps.
Hi, thank you for your message. The courts will take this into consideration when making their final decision. The debts will normally be offset against joint assets unless you accrued the debts solely for yourself.
If the house was used during the course of your marriage then yes it may be a joint asset. Sometimes you can ask that it be excluded from the financial arrangements if the house was bought by yourself but it will be in the courts discretion. This because you used the house as a family home.
Hi, thank you for your message. If it is in negative equity the courts may not order it to be sold and thus not include it in the financial assessment instead wait until it can be sold at a later date. I hope this helps and all the best in this matter.