Dealing with the division of marital assets in the face of a divorce is often a stressful and uncertain time. When money and assets have to be shared, it can lead to worry about the future and how you will manage.
At Braddon & Snow, our family law team will work to make sure that your assets are divided fairly and that you have sufficient provision for your needs and those of your children. We will take the time to understand your situation and talk through your options with you so that you have a good idea of the choices available.
There is no set formula for calculating how the assets will be split, and there is scope for negotiating the solution that is right for you. Our family lawyers are frequently able to deal successfully with the division of assets in divorce without the need for litigation. This has several advantages, including that it is a quicker way of resolving issues as well as being less expensive than court.
All of the assets that you and your spouse own will generally be included when looking at a fair division, including those held in your sole name. This can include property, pensions and business interests.
We offer an initial appointment for £75 plus VAT at which we can answer your questions and give you some idea of the process involved in reaching an agreement. We can also discuss the likely costs with you so that you know exactly where you stand.
Our family law team focus on resolving matters without the need for court wherever possible and include a member of Resolution, a family law group committed to dealing with divorce without unnecessary confrontation. They are highly experienced in dealing with issues without conflict and are generally able to find solutions that mean agreement can be reached amicably.
We have offices in Hoddesdon and Broxbourne and represent clients from across the wider Hertfordshire area and beyond. Where necessary, we can deal with meetings via videoconferencing or phone.
Our family law solicitors are friendly, understanding and approachable. If you would like to have an informal conversation about your situation, please feel free to contact us:
For more information about our services, see our family law page.
How we help you with the division of your family assets in divorce
It can be difficult to predict what order would be issued by the court in making a financial order in divorce. We will go through your assets with you and discuss the possible options that are available. We always take the time to understand your situation and what is of greatest importance to you.
If you have children, the law prioritises them, so provision for their needs will be identified first. We will explain to you what you can expect and where an agreement cannot be reached; we can support you through mediation to try and resolve issues without court action.
In the event that a resolution cannot be reached, we will ensure that you have a sound case and expert representation in court. We will provide support and guidance throughout so that you have a good understanding of the process and the answers to any questions you have.
Our family law solicitors pricing for division of assets in divorce
Fixed fees for division of assets in divorce
We are able to offer fixed fees for some of the work involved in dealing with division of assets in a divorce, including asking the court to make a consent order where you are able to agree on a financial settlement and the drafting and filing of a divorce petition.
Hourly rates for advice on division of assets in divorce
For non-standard work, we will charge you an hourly rate and give you a realistic estimate of the fees involved. We understand that divorce is a time of uncertainty, and we will always try to ensure you know what to expect when it comes to costs.
Division of family assets in divorce FAQs
How are family assets divided in divorce?
The court will endeavour to divide assets fairly and in such a way that both parties’ reasonable financial needs are met. The judge has discretion to split assets in the way that they believe to be just. If one party receives the family home, then the other party is likely to receive more of the other available assets by way of compensation. This could include pension provision, savings and investments.
What factors influence the division of assets in divorce?
The needs of any children will be considered first, with the following issues used by the court in deciding how assets are to be divided:
- The income and earning capacity of the parties, as well as other resources such as property, both at the present time and in the foreseeable future;
- Financial needs, responsibilities and obligations, to include those in the foreseeable future;
- The standard of living that the parties had;
- The parties’ ages;
- The length of the marriage;
- Contributions made by each to the wellbeing of the family;
- Any physical or mental disabilities that either party has;
- The value of any benefit that one party may lose, for example, the right to a share in a pension;
- Occasionally, negative conduct may be taken into account, where it would be fair to do so.
What happens to the family home in divorce?
Dealing with the family home can be difficult. It is usually the most valuable asset a couple own, and without simply selling it and splitting the proceeds, it is not easy to share the asset.
If there are children, then the person taking on their day-to-day care is likely to stay in the home. The court can make an order delaying sale until the children reach 18.
Alternatively, the property could be transferred into one party’s name, with the other receiving a lump sum from other assets.
Another option is for the person who has left to retain a share in the property, which they will receive when it is sold.
What assets are included in divorce settlements?
Assets acquired by either of you during the marriage are classed as matrimonial assets and will be considered by the court when splitting finances in divorce. This will include assets such as the family home, savings and investments. Even if the asset is in your sole name, such as property or pension, the court will consider it a matrimonial asset that should be included when making a divorce settlement.
Non-matrimonial assets include family businesses that existed before the marriage, inherited money and property purchased either before the marriage or after separation.
The court may exclude some non-matrimonial assets when considering how to divide a couple’s finances, but this is not guaranteed. Where an asset is needed to make a fair and reasonable provision, then it will be included. In addition, if an asset was shared during the marriage, then the court may be inclined to include it.
What orders can a court make for the division of marital assets?
The court can make a range of orders in respect of the division of assets in divorce, including the following:
- Consent order – putting terms agreed following negotiation or mediation into a binding order;
- Clean break order – ending financial obligations between you and your spouse;
- Property adjustment order – dealing with ownership of the family home;
- Lump sum order – payment from one party to the other, often in return for another asset, such as the family home;
- Maintenance order or periodical payments order – payment of maintenance to a spouse, usually for a specified period of time, to allow them that party to get back on their feet financially;
- Pension sharing order – where the court finds that one party is entitled to a share of the other’s pension provision.
It is important to ensure that you have a final order, such as a consent order or clean break order put in place when you divorce. Without this, your spouse will have an ongoing right to come back to you with a financial claim long into the future, as financial obligations do not end on divorce, only once an order has been made.
For more information, see divorce, separation and finances.
Speak with our divorce solicitors in Hoddesdon & Broxbourne
For a friendly, informal discussion about how our family lawyers can help you secure a fair divorce settlement for the future, please get in touch.