Separating assets: are you entitled to half of everything in a divorce?

Divorce can be a highly complex process, never more so than when the subject of asset division is addressed. In fact, the query of how assets are to be divided is one of the most frequently asked questions for our team of specialist divorce solicitors, and for good reason.

Many mistakenly assume that assets are always split 50/50 between spouses; however, in reality, the division of assets is much more nuanced. When it comes to proceedings, the court will focus on fairness rather than an automatic equal division of assets.

So, how exactly are assets divided in a divorce?

With the principle of fairness at the forefront of all settlements, rather than 50/50, the court will consider a variety of factors to determine a fair outcome, following the Matrimonial Causes Act 1973, which sets out said factors.

Which assets are considered?

Typically, any marital assets will be divided, these include:

• The family home
• Joint savings and bank accounts
• Pensions and investments
• Businesses owned by either spouse
• Vehicles, valuable possessions, and even debts.

However, there may be exclusions for non-marital assets, such as:

• Property owned before marriage (though it may be considered if needed)
• Inheritances (if not merged with joint assets)
• Gifts received individually.

What factors will influence asset division?

When it comes to a fair outcome, the court will consider several factors to achieve this, including:

1. The welfare of children (the top priority of any court within divorce proceedings)
2. Each spouse’s financial needs and resources
3. The length of the marriage
4. Each spouse’s contributions (including non-financial ones (e.g., raising children)
5. Earning capacity and future financial needs
6. Health and age of each spouse.
7. The conduct of the parties (where the bad behaviour is serious and it would be unfair to ignore)

Whilst in some countries, divorce proceedings will favour a 50/50 split when it comes to assets, this is not automatic. Therefore it is crucial that you receive legal support throughout the process to ensure your interests are represented appropriately, and a fair outcome is achieved for all parties involved, including (and most importantly) any children.

If you would like to speak to one of our friendly, knowledgeable divorce solicitors about division of assets, please don’t hesitate to contact us today using the form below.