Each marriage is unique and the circumstances must, therefore, be assessed individually in terms of reaching an appropriate divorce settlement that is fair and reasonable. Before looking at how money & assets may be split in a divorce settlement, you need to know the difference between assets.
Matrimonial assets are assets that you have built up or acquired during the period of marriage are known as matrimonial assets or marital assets. These typically include property, pensions, savings, personal belongings, and cash in the bank. These assets will always be added to the overall ‘pot’ and will need to be split fairly. Bear in mind that fair doesn’t necessarily mean 50/50 of everything.
Whereas, non-marital assets are financial assets that were acquired before entering into the marriage, for example, property, pensions, businesses, etc. These assets are usually treated differently from matrimonial assets, however, they aren’t necessarily excluded from a divorce settlement.