The starting point for the division of marital finances is 50-50 and it is then adjusted up or down, one way or the other, in favour of one partner or the other depending on what the individuals put in at outset, the length of marriage and the time together before marriage, the needs of the individuals after the divorce, what savings, assets, pensions et cetera there are and also the ability of each person to work after the breakup.
The time which a couple are together before they get married will be taken into account because it would be grossly unfair if someone had been together for 30 years and then split up after being married for 12 months to have the finances treated in the same way as a couple who had got married not long after they met and were then divorcing after just 12 months.
It’s largely a mathematical thing but does look at needs after divorce.
Even if everything is being divided down the middle, it’s not really a case of dividing it down the middle, all the assets wouldn’t be split 50-50 but the bulk would be 50-50 and therefore one person may keep the house and the other for example could have the savings and the pensions.
You are only obliged to provide home for the children until aged 18 so they are to the greater extent out of the equation.
As part of the divorce process, to draw a line under the finances you will need a financial order.The courts will not get involved in marital finances unless divorce or legal separation proceedings have started.
Remember that the divorce itself is not that expensive, if you use solicitors, it is arguing over money and children which costs the big bucks.
And here are the notes from the government on how to apply for a financial order:
Which draws a line under the finances of the marriage and prevents either of you coming back to the other, in some years time, asking for more money if circumstances have changed (the lottery?).
You can agree what you like between you, then it really is a case of putting the application into the court and the judge will rubberstamp the arrangements you have agreed. Otherwise it’s a potentially expensive argument.
As part of the application you are both going to need to fill in Form E which gives details of all the finances and you have to confirm that almost. Lying on the form is a serious criminal offence.
If you want fill in the form, the court will order it.
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