What Am I Entitled to if I Divorce My Spouse?

Financial obligations exist between married couples, which do not end automatically once the divorce process is complete.

Accordingly, it is important to consider resolving finances on divorce. 

If the parties can reach an agreement between themselves as to their financial arrangements on divorce, then any agreement reached can be incorporated into a court order known as a consent order.

A statement of information for a consent order will need to be completed to when submitting a consent order to the court.

This document outlines the parties' respective assets and finances before and after the proposed agreement to allow the court to determine whether the agreement reached is fair. 

However, if matters regarding finances cannot be agreed upon between the parties, financial remedy proceedings will have to be issued, and the court will intervene and assist the parties in reaching an agreement.

The court can be asked to make a financial order for the parties. 

Myerson Solicitors' Family Law Team explore what you may be entitled to if you divorce your spouse.

The starting point is that the assets built up during the marriage are shared. But this is not a hard and fast rule.

The court's objective is for assets to be divided between spouses fairly based on the parties' circumstances, but this does not necessitate an exact 50/50 division of assets.

The court can take into account a variety of factors as outlined below. 

The section 25 factors that the court must take into consideration include: 

1. The financial resources of the parties. 

This includes the parties' earning capacity and current and future income from all sources, including employment, rent, dividends and interest, property, and other financial resources. The court will consider the ability of the parties to increase their earning capacity following separation, such as increasing their working hours or obtaining a higher-paying role. 

2. The financial needs of both parties.

This includes each party's essential living needs, such as rent or mortgage payments and associated costs, food, clothing, etc, and obligations to anyone they care for, such as minor children. The court can consider the contribution of any new partners. The court will look beyond each party's basic needs if the marriage has excessive resources. 

3. The Standard of Living enjoyed by the family during the marriage. 

The court will consider that it is unlikely that the standard of living enjoyed post-separation will be the same as that enjoyed during the marriage. Nonetheless, the court aims for any reduction in that standard to be split equally between both parties. 

4. The ages of the parties and the duration of their marriage.

In considering what financial order to make, the court will factor in the parties' ages, which will have a bearing on their earning capacity. The court considers a younger spouse to have a greater earning capacity than an older spouse, and a younger spouse will have a greater number of years to build personal savings. As previously discussed, the duration of the marriage often has a bearing on the court's decision to award a clean break. 

5. Health of the parties. 

The court is required to consider any physical or mental disability of either party to the marriage due to the impact it may have on their needs and potential earning capacity. 

6. The contributions made by either spouse to the family. 

The court will consider financial contributions and contributions to family life, such as child care. 

7. The conduct of the parties. 

This includes any misconduct by either party concerning the divorce proceedings. 

8. Any benefit which may be lost. 

The court will be mindful of any benefit either party may lose due to the divorce, such as a loss of pension rights or prospective inheritance.