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Divorce financial settlements Family law solicitor Clare Pilsworth of Tees Law answers some frequently asked questions on division of assets
What are matrimonial assets? Matrimonial assets are those that you and your partner acquired during the course of your marriage, such as the family home, belongings and financial assets. They can also be assets acquired at any time prior to your marriage. Your combined assets must be divided fairly in the divorce. What are non-matrimonial assets? Assets acquired before you got married or after the date of your separation could be non-matrimonial. It’s often the case that such assets have not been mingled during the marriage, however it’s not always easy or straightforward to agree on what assets should be considered non-matrimonial. Are assets split 50/50? Assets are not automatically split equally in a divorce. The court will look to formulate a fair financial settlement, taking into account all the circumstances in the case, in particular factors such as income, age, length of marriage and standard of living. The first consideration will be the welfare of any children of the marriage. Can I stop my assets being included? If you think a particular asset should be considered non-matrimonial during your divorce, you can make a request to the court for it to be considered as such, and potentially excluded from the settlement.
Find out more at teeslaw.com/divorce or contact the team today on 01223 311141. Visit the Cambridge office at No 3 Journey Campus, Castle Park, Castle Street CB3 0AY If you believe your former partner has concealed some of their assets during the settlement process, you can appeal a court decision. You might also need to appeal if you feel the judge clearly made an incorrect decision. However, be prepared, as appeals generally take a long time to be heard. financial arrangements without the assistance of the court. You can agree the division of assets between yourselves, and it’s likely to be approved by the court, provided it’s fair. Whatever route you take, you will want to ensure that the agreement you eventually reach is fair and meets both your needs. How long does a divorce settlement typically take? If you can reach a financial agreement, the financial order can be obtained within the timeframe of the divorce, which is around seven months. But if you need the assistance of the court, this can take up to two years. As this timeline shows, it’s best to try other ways to reach a solution than involving the court. Is it possible for a divorce settlement to be appealed?
You’ll want to ensure the agreement you reach is fair
This might be appropriate if you received an inheritance – or are due to receive one – after separation from your partner. Do we have to go to court? No, many financial cases are resolved amicably. There are several ways you can approach this, such as mediation or a collaborative process. The court now expects people to have tried to resolve
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