{"id":3072,"date":"2019-03-21T14:16:31","date_gmt":"2019-03-21T14:16:31","guid":{"rendered":"https:\/\/www.just-family-law.com\/blog\/?p=3072"},"modified":"2020-05-12T13:51:57","modified_gmt":"2020-05-12T13:51:57","slug":"split-assets-in-a-divorce","status":"publish","type":"post","link":"https:\/\/www.just-family-law.com\/blog\/index.php\/2019\/03\/21\/split-assets-in-a-divorce\/","title":{"rendered":"How do you Split Assets in a Divorce in the UK?"},"content":{"rendered":"<h3><\/h3>\n<h3><strong><a href=\"https:\/\/www.just-family-law.com\/blog\/wp-content\/uploads\/2019\/03\/How-do-you-Split-Assets-in-a-Divorce-in-the-UK.jpg\"><img data-attachment-id=\"3186\" data-permalink=\"https:\/\/www.just-family-law.com\/blog\/index.php\/2019\/03\/21\/split-assets-in-a-divorce\/how-do-you-split-assets-in-a-divorce-in-the-uk\/\" data-orig-file=\"https:\/\/www.just-family-law.com\/blog\/wp-content\/uploads\/2019\/03\/How-do-you-Split-Assets-in-a-Divorce-in-the-UK.jpg\" data-orig-size=\"518,388\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"How do you Split Assets in a Divorce in the UK\" data-image-description=\"\" data-medium-file=\"https:\/\/www.just-family-law.com\/blog\/wp-content\/uploads\/2019\/03\/How-do-you-Split-Assets-in-a-Divorce-in-the-UK-300x225.jpg\" data-large-file=\"https:\/\/www.just-family-law.com\/blog\/wp-content\/uploads\/2019\/03\/How-do-you-Split-Assets-in-a-Divorce-in-the-UK.jpg\" decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-full wp-image-3186\" src=\"https:\/\/www.just-family-law.com\/blog\/wp-content\/uploads\/2019\/03\/How-do-you-Split-Assets-in-a-Divorce-in-the-UK.jpg\" alt=\"How do you Split Assets in a Divorce in the UK\" width=\"518\" height=\"388\" srcset=\"https:\/\/www.just-family-law.com\/blog\/wp-content\/uploads\/2019\/03\/How-do-you-Split-Assets-in-a-Divorce-in-the-UK.jpg 518w, https:\/\/www.just-family-law.com\/blog\/wp-content\/uploads\/2019\/03\/How-do-you-Split-Assets-in-a-Divorce-in-the-UK-300x225.jpg 300w\" sizes=\"(max-width: 518px) 100vw, 518px\" \/><\/a><\/strong><\/h3>\n<h3><strong>How\u00a0do you Split Assets in a Divorce in the UK?<\/strong><\/h3>\n<p>Family home, pensions, inheritances, business assets, there&#8217;s a lot to think about. And is it matrimonial or non matrimonial property?<\/p>\n<p>The starting place is a fifty\/fifty split but there are\u00a0<em>considerations<\/em>\u00a0under\u00a0s.25 Matrimonial Causes Act &#8211;<\/p>\n<ul>\n<li>the welfare of any children<\/li>\n<li>income, earning capacity, property<\/li>\n<li>financial needs<\/li>\n<li>standard of living<\/li>\n<li>ages and length of marriage<\/li>\n<li>disabilities<\/li>\n<li>contributions<\/li>\n<li>conduct if inequitable to disregard it<\/li>\n<\/ul>\n<h3><strong>How\u00a0do we reach an agreement about assets?<\/strong><\/h3>\n<p>If you\u00a0can reach an agreement, well done, but run it past an <a href=\"https:\/\/www.just-family-law.com\/\" target=\"_blank\" rel=\"noopener\"><em>experienced family lawyer<\/em><\/a> to make sure it&#8217;s fair. If you can&#8217;t agree\u00a0try &#8211;<\/p>\n<ul>\n<li><em><a href=\"https:\/\/www.just-family-law.com\/collaborative-law\" target=\"_blank\" rel=\"noopener\">collaborative law<\/a><\/em><\/li>\n<li><a href=\"https:\/\/www.just-family-law.com\/how-we-do-it\/mediation\" target=\"_blank\" rel=\"noopener\"><em>mediation <\/em><\/a><\/li>\n<li><em><a href=\"https:\/\/www.just-family-law.com\/how-we-do-it\/constructive-negotiations\" target=\"_blank\" rel=\"noopener\">negotiation<\/a><\/em><\/li>\n<li><em><a href=\"https:\/\/www.just-family-law.com\/how-we-do-it\/arbitration\" target=\"_blank\">arbitration<\/a><\/em><\/li>\n<li><i><a href=\"https:\/\/www.just-family-law.com\/how-we-do-it\/court-proceedings\" target=\"_blank\" rel=\"noopener\">Court proceedings<\/a>\u00a0&#8211;<\/i>\u00a0the final resort<\/li>\n<\/ul>\n<p>Whichever method you will need to give full and frank disclosure of your finances. See my blog\u00a0<a href=\"https:\/\/www.just-family-law.com\/blog\/index.php\/2017\/07\/17\/financial-disclosure-on-divorce\/\" target=\"_blank\" rel=\"noopener nofollow\"><em>Financial Disclosure on Divorce, 10 things you need to<\/em>\u00a0know<\/a>.\u00a0And<em>\u00a0<\/em>you need a Court order to protect you. See my blog\u00a0<a href=\"https:\/\/www.just-family-law.com\/blog\/index.php\/2019\/03\/08\/how-do-i-get-a-consent-order\" target=\"_blank\" rel=\"noopener nofollow\"><em>How do I get a Consent Order? A Simple Guide<\/em><\/a><\/p>\n<h3><strong>What about my home?<\/strong><\/h3>\n<p>The options are &#8211;<\/p>\n<ul>\n<li>one of you buys the other out, or<\/li>\n<li>you sell and divide the proceeds, or<\/li>\n<li>one of you keeps the house and the other\u00a0has an interest in it which they realise in the future. This is called a <em>charge.<\/em><\/li>\n<\/ul>\n<h3><b>What is a charge on the home?<\/b><\/h3>\n<p>This works well if there are children. You can&#8217;t afford to buy each other out and a sale won&#8217;t realise enough to house you both. Perhaps\u00a0there&#8217;s only a tiny equity.\u00a0But how is this fair for the parent who won&#8217;t\u00a0live there and won&#8217;t be receiving any cash? The answer is\u00a0an interest in the property, a\u00a0<em>charge<\/em>\u00a0representing a certain percentage of its value. This means in the future\u00a0you will get capital from the property.<\/p>\n<h3><b>When do I get the money from the charge?<\/b><\/h3>\n<p>There are various ways it can be worded. For example, when the children turn eighteen years of age or when the parent living there remarries or cohabits for a certain period.<\/p>\n<h3><b>What about pensions?<\/b><\/h3>\n<p>Pensions can be\u00a0significant especially if one of you works in the public sector.\u00a0In the heat of the moment one of you\u00a0might\u00a0say, Keep the pension, I want the house! But this isn&#8217;t always wise.\u00a0It might be better to sell the house, split the proceeds and downsize so you can have a\u00a0pension sharing order to provide you with income in retirement. See my blog\u00a0<em><a href=\"https:\/\/www.just-family-law.com\/blog\/index.php\/2018\/03\/10\/pensions-on-divorce\/\" target=\"_blank\" rel=\"noopener\">Pensions on Divorce, what can you expect<\/a>.<\/em><\/p>\n<h3><b>How\u00a0will\u00a0the assets be split in my case?<\/b><\/h3>\n<p>It really is impossible to generalise but I can give you a couple of examples.<\/p>\n<h3><b>Sue and John &#8211; older couple, no mortgage, no kids<\/b><\/h3>\n<p>So you&#8217;re both in good health and you have a range of assets &#8211; nice house, couple of cars, pensions, savings. You are likely to come away with half each, a fifty\/fifty split. How this is achieved is up to you. One of you buys the other&#8217;s interest in the house. Or you sell it and split the proceeds. You could say, I&#8217;ll have the yacht, you have the timeshare. Tot it up so you make sure you&#8217;re getting equal value. Don&#8217;t forget to get a Consent Order &#8211; see my blog\u00a0<a href=\"https:\/\/www.just-family-law.com\/blog\/index.php\/2019\/03\/08\/how-do-i-get-a-consent-order\" target=\"_blank\" rel=\"noopener\"><em>How do I get a Consent Order? A Simple Guide<\/em><\/a><\/p>\n<h3><b>Emma and Mike &#8211; two kids, big mortgage, little equity<\/b><\/h3>\n<p>This is more tricky. The top\u00a0priority is a home for the children and the only option is the family house. A <em>transfer\u00a0<\/em>of the house to Emma with a\u00a0<em>charge\u00a0<\/em>to Mike might be the answer.<\/p>\n<h3><b>Olivia and David &#8211; short marriage, no kids<\/b><\/h3>\n<p>The rules are different for short marriages, see my blog\u00a0<em><a href=\"https:\/\/www.just-family-law.com\/blog\/index.php\/2017\/08\/01\/divorce-financial-settlement-short-marriage\/\" target=\"_blank\" rel=\"noopener\">Short marriages, 10 things you need to know<\/a>.<\/em><\/p>\n<h3><b>What about my inheritance?<\/b><\/h3>\n<p>It depends on &#8211;<\/p>\n<ul>\n<li>when you received it<\/li>\n<li>whether you mixed it with the matrimonial assets or kept it separate<\/li>\n<li>whether there are enough non-inheritance assets to\u00a0provide a fair settlement<\/li>\n<\/ul>\n<p>See my blog\u00a0<em><a href=\"https:\/\/www.just-family-law.com\/blog\/index.php\/2017\/09\/27\/protect-inheritance-on-divorce\/\" target=\"_blank\" rel=\"noopener\">How to protect inheritance on divorce<\/a>.<\/em><\/p>\n<h3><b>I have a business, what will happen to that?<\/b><\/h3>\n<p>See my blog\u00a0<a href=\"https:\/\/www.just-family-law.com\/blog\/index.php\/2017\/10\/04\/how-to-protect-business-on-divorce\/\" target=\"_blank\" rel=\"noopener\"><em>How to protect business on divorce<\/em><\/a><\/p>\n<h3><b>But I contributed everything to this marriage!<\/b><\/h3>\n<p>Sometimes you can keep <em>non\u00a0<\/em><em>matrimonial assets<\/em>\u00a0out of the pot for division.\u00a0These include &#8211;<\/p>\n<ul>\n<li>Assets built up before the marriage<\/li>\n<li>Inheritances<\/li>\n<li>Businesses<\/li>\n<\/ul>\n<p>But non matrimonial assets will go into the pot if this is the only way for example to answer the children&#8217;s need for housing. See my blog\u00a0<em><a href=\"https:\/\/www.just-family-law.com\/blog\/index.php\/2017\/11\/07\/ring-fence-protect-assets-on-divorce\/\" target=\"_blank\" rel=\"noopener\">Ring fence and protect assets on divorce<\/a>.<\/em><\/p>\n<h3><strong>What is a\u00a0<em>clean break<\/em>, can I still get maintenance?<\/strong><\/h3>\n<p>See my blog\u00a0<em><a href=\"https:\/\/www.just-family-law.com\/blog\/index.php\/2018\/03\/21\/maintenance-and-clean-break-on-divorce\/\" target=\"_blank\" rel=\"noopener\">Maintenance and clean break on divorce<\/a>.<\/em><\/p>\n<h3><strong>How\u00a0do you Split Assets in a Divorce in the UK?<\/strong><\/h3>\n<p>Contact Family Lawyer Joanne Houston on 01962 217640 for an initial\u00a0<strong><em>free<\/em><\/strong>\u00a0of charge consultation on the question\u00a0<em>How\u00a0do you Split Assets in a Divorce in the UK.\u00a0<\/em>In this 20 minute session she will review your situation and how you can achieve your objectives.<\/p>\n<p><em>JUST FAMILY LAW are specialist divorce and family lawyers. We offer\u00a0<a href=\"https:\/\/www.just-family-law.com\/blog\/index.php\/2017\/06\/02\/pay-as-you-go-divorce-costs\/\" target=\"_blank\" rel=\"noopener\">Pay as you go costs<\/a>. We offer\u00a0<a href=\"https:\/\/www.just-family-law.com\/blog\/index.php\/2019\/01\/17\/what-is-collaborative-family-law\/\" target=\"_blank\" rel=\"noopener\">Collaborative law<\/a>\u00a0solutions tailored to your family\u2019s needs.<\/em><\/p>\n<p><strong>The topics covered in this blog post\u00a0<em>How\u00a0do you Split Assets in a Divorce in the UK?<\/em><em>\u00a0<\/em>are complex. They are provided for general guidance only. If any of the circumstances mentioned in this blog apply to you, seek expert legal advice.<\/strong><\/p>\n<p>image for\u00a0<em>How\u00a0do you Split Assets in a Divorce in the UK?\u00a0<\/em>Moving a House on\u00a0<em><a href=\"https:\/\/commons.wikimedia.org\/wiki\/File:Moving_a_house,_LA.jpg\" target=\"_blank\">Wikimedia<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>How\u00a0do you Split Assets in a Divorce in the UK? Family home, pensions, inheritances, business assets, there&#8217;s a lot to think about. And is it matrimonial or non matrimonial property? The starting place is a fifty\/fifty split but there are\u00a0considerations\u00a0under\u00a0s.25 Matrimonial Causes Act &#8211; the welfare of any children income, earning capacity, property financial needs [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3186,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[582],"tags":[532,185,186],"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/3072"}],"collection":[{"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/comments?post=3072"}],"version-history":[{"count":116,"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/3072\/revisions"}],"predecessor-version":[{"id":3205,"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/3072\/revisions\/3205"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/media\/3186"}],"wp:attachment":[{"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/media?parent=3072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/categories?post=3072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/tags?post=3072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}