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This article was published on May 17th, 2022
Divorce is never an easy process and it can be especially difficult when you are dealing with the division of property. If you are in the process of separating from your spouse, or if you are considering getting a divorce, you may want to come to an agreement between yourself and your spouse about how you divide your assets. However, if this is not possible, the courts will help decide. Here is everything you need to know about property in divorce.
During a divorce, the property is generally divided based on what is deemed fair for both spouses. Property distribution during a divorce can be complicated, certain elements will be considered and, it is rarely a 50/50 split. The factors that are considered, include the duration of the marriage, contributions during the marriage, economic circumstances and the welfare of any children under the age of 18.
The amount of time that you have been married is an important factor when it comes to property division. If a marriage is considered to be long, (usually five years or more) then it is likely that the courts will consider a property that was acquired either before or during the marriage as matrimonial property. However, if the marriage was considered to be short (five years or less) then it is less likely the property will be split evenly.
Contributions made throughout the marriage can determine how property will be divided during a divorce. However, contributions to the marriage are not just financial. They, include income, performing household duties, or caring for children. All of these factors will be considered when determining how property should be divided.
The financial circumstances of both spouses will be taken into consideration when determining how property is split during a divorce. For example, if one spouse earns a significantly higher income, it would be thought that they are more likely to afford to buy another property in the future and therefore the other spouse may be given a larger share of the marital property to ensure that they also have financial stability.
Whilst the majority of people that get divorced do not have a full court hearing, if you do go to court and you have children under the age of 18, they will consider this when dividing property, for example, if one parent has majority custody, they may be given a larger share of the property to ensure that the children have a secure place to live.
Whether you are considering divorce or are in the midst of it, it is important to understand the process of how property is divided during a divorce. Not only does it help you to better prepare for the emotional and financial consequences, but it can also help you to better navigate the legal process.
Here at Thorneycroft, our specialist divorce solicitors can offer you expert advice about the legal and financial implications of a relationship breakdown. Each member of the team has the required skills to negotiate a financial settlement ensuring a positive outcome for you. If you are considering a divorce, get in touch today. To speak to a member of our experienced team, call 0800 1979345 or fill out our simple enquiry form.