Divorce – How To Divide Your Financial Assets Fairly

Aside from all the emotional upset and stress, a divorce can be present some challenging financial problems, employing the services of a specialist divorce solicitor is essential.

All relationships are different: some last just a few years, others for many decades. Some couples pool all their resources together, others choose to keep thing very separate. When it comes to separating, this can make things very difficult.

Over the last 20 years there have been significant changes in how divorces are dealt with in the courts. Now, the most common scenario is for all assets to be divided equally between both partners. There is however some room for movement. If couples are able to agree on who should be left with what, the courts are happy to accept this. Another element which is likely to affect the division of assets is children. In most cases the partner who has care of any children produced by the marriage is awarded the larger portion of assets.

One of the most significant changes to divorce legislation in the last 5 years has been the strength gained by prenuptial agreements. Last year there was a fiercely fought test case in the UK. The case involved a couple who had drawn out a prenuptial agreement which stated that an heiress, worth an estimated £100 million, was to retain the majority of her fortune if the marriage ended. After many years, the court eventually ruled that the prenuptial agreement should stand. For couples in the UK this means that based on this precedent, the financial terms of a marriage can be agreed beforehand, safe in the knowledge that it will stand up in court.

Your Best Option

Clearly all divorces are different. Some couples may have lots of assets, others very few. For most couples, dividing financial assets is something that can simply be worked out if, and when, the marriage comes to an end. For those who have more complicated financial assets, a prenuptial agreement may be worth looking into. Using a specialist prenuptial agreement solicitors is essential.

If you do choose to draw out a prenuptial agreement it is very important that you use specialist divorce solicitors. Their specialist experience and understanding of this area of the law will ensure that your agreement will carry the greatest amount of authority should you ever need it.
 

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