Dividing marital assets
When a family court is called upon to rule on the division of the marital assets, the judge will take various factors into consideration. Residents of Bedfordshire may wish to note that in most cases, the judge will aim to divide all the existing assets between the spouses in such a way so that there will be no financial links remaining between them after the divorce is finalised. The exception to this may be when the judge considers child maintenance payments to be appropriate.
One of the important factors in the judge’s decision will be the length of marriage. If the marriage has lasted for a long time, the judge will be more likely to begin considerations with an equal split of assets in mind. If this division does not meet the financial needs of the parties involved, the judge will consider the welfare of the children first, ensuring that their requirements are met before dividing the residual assets between the estranged spouses.
Some other factors the judge may consider includes the living standard the couple has enjoyed, their expenditures, the age of the parties involved and their abilities to earn an income in the future. Also taken into account are the household roles of the individuals in the relationship, so that the main income earner may be treated differently to the person who has been the primary caregiver of the children.
A vital part of ensuring that the financial settlement in a divorce results in a fair and equitable division of assets is to ensure that both parties have made a full disclosure of their assets. A solicitor experienced in situations that involve the complex valuation and division of business and property assets may be able to offer valuable legal advice to ensure that a client receives the appropriate settlement.
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