In fact, the law provides family courts with a list of relevant factors to consider when determining your financial position (Section 25 of the Matrimonial Causes Act 1973, for those who want to know!)
These are essential to be aware of when going through a divorce, in order to ensure you put yourself in the best possible position when the court is considering your rightful financial share.
These considerations include a number of factors.
Firstly, the family courts will take into account any children under the age of 18. The care of the child and where he/she can live will play a fundamental part in the court deciding how to divide (if at all) the Family Marital Home. If a child is involved, the child’s welfare is the court’s highest priority which, naturally, has a direct impact on dividing up the assets and each party’s financial entitlement.
The family court will then take into account the full extent of your financial resources, including income, future earning capacity and property. This will include looking into the future at any potential salary increases, as well as potential limits to future earnings, if for example, one party has had sole care of the child and not worked until this point.
Debts accrued during the course of the marriage is also important.
Your current and future financial needs and responsibilities are also considered.
In accordance with the Court’s primary concern for the welfare of any children, the money needed for the child’s care will be considered most carefully.
Other important examples include current mortgage payments, how much it would cost to rent/buy another house to live in, as well as if anything in the future is likely to substantially alter this, if for example, a party remarries.
As for the subject of Pension and divorce, it is relevant because if one party has a significantly larger pension than the other, then a pension sharing order will be considered.
The standard of living enjoyed by the family before the breakdown of the marriage, along with how long the marriage lasted, how old each of the parties are, and whether either party has any disabilities are also factors the court deems relevant in the task of apportioning finances fairly.
The family court will also consider the contributions, which each of you made during the marriage, which include financially and in the form of looking after the home or caring for the family. To what extent these contributions are likely to continue are considered, alongside.
Finally, conduct surrounding the divorce proceedings will be taken into consideration if the family court feels it is of a significant enough nature, and that disregarding it would lead to an unfair result. Any benefits to the parties as a result of the marriage, that will be lost upon divorce are lastly given some thought, the most common example being pension rights.
As you can see, the family court takes all the relevant circumstantial details into account when deciding the amount of money to be divided between each party, upon divorce. These considerations are governed by Statute, which ensure the family court will consider them, which means when justifying your financial claim, these are the areas to target.
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| London Divorce Lawyers | |
