How do finances get split in a divorce?

In terms of finances, these are not dealt with within the divorce itself, so it is really important that whether people are dealing with a divorce in person or through a solicitor, that they also consider the finances.

Finances are divided on the basis of the sharing principle and the starting point is equality. However, that is not always how matters will be finalised in terms of settlements. There might be lots of different reasons why not and the main factors that are used when looking at finances are the section 25 factors (Matrimonial Causes Act 1973) and these include things like how long have the parties been married, how old are they, are there children, is one party saying that they’ve made a specific financial contribution to the marriage? These factors apply to everyone who is divorcing in terms of what would a reasonable and a fair settlement be; so although the starting point might be equality, it is rare that we end up with equality because there may be children and one party might earn more than the other or have a bigger pension. The needs of the parties are the predominant factor but it also has to be fair and reasonable for both parties.

Here is a video recorded by Head of Family Law, Sharon Mckie:

If you would like any more advice contact our Family team on 01302 341414 or fill out our online enquiry form.

We have more articles on our website relating to divorce and finances, here are 2 that you may find helpful:

• Do financial claims end on divorce? 
• Costs for a financial agreement within a divorce