Asset Division
The financial concerns that follow the breakdown of a marriage can be difficult and complex. Dividing assets can be stressful for all involved. We have extensive experience in handling a wide range of complicated financial matters for high-net-worth individuals and their families.
UNITED KINGDOM
LEADING FIRM
2021
UNITED KINGDOM
LEADING FIRM
2022
UNITED KINGDOM
LEADING FIRM
2023
Request a callback
Enter your details below and organise a no-obligation, confidential callback. We offer a low-cost, fixed-fee 20 minute consultation.
Asset Division
The financial concerns that follow the breakdown of a marriage can be difficult and complex. Dividing assets can be stressful for all involved. We have extensive experience in handling a wide range of complicated financial matters for high-net-worth individuals and their families.
UNITED KINGDOM
LEADING FIRM
2021
UNITED KINGDOM
LEADING FIRM
2022
UNITED KINGDOM
LEADING FIRM
2023
UNITED KINGDOM
LEADING FIRM
2021
UNITED KINGDOM
LEADING FIRM
2022
UNITED KINGDOM
LEADING FIRM
2023
Request a callback
Enter your details below and organise a no-obligation, confidential callback. We offer a low-cost, fixed-fee consultation.
Asset Division
When it comes to Asset division following a divorce, the rules in England and Wales are different from Scotland and Northern Ireland. The starting point is that after a long marriage, any assets that have been generated during it are shared equally. This is subject to a number of important factors, such as the parties respective “needs”, whether there are any pre or post-nuptial agreements and the nature of certain assets, such as inheritances and gifts. We can talk through all your options and give you the best advice for your situation.
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Asset Division FAQ'S
How should assets be divided in a divorce?
There is no one-size-fits-all approach, however, the court has a statutory duty to ensure that there is a “fair” outcome in each and every case. Fairness is a subjective concept and it will differ from case to case. In deciding what is fair in each case the court will have regard to a number of different considerations, such as the ages of the parties, their financial resources, their income and earning capacity, their respective needs (especially those generated as a result of the marriage), standard of living and contributions.
Can I protect any assets during a divorce?
When going through a divorce, the spouses are under a duty to provide full and frank disclosure of their assets. That means they need to give an honest and true account of their resources and assets wherever in the world they may be held. If someone does not provide full and frank disclosure it can undermine any settlement. If you considering getting married and want to protect any wealth you have generated prior to your relationship you can consider entering into a pre-nuptial agreement. Similarly, you might be able to ring-fence certain assets during a divorce following your marriage by entering into a post-nuptial agreement.
Can a prenuptial agreement protect my assets?
In short, yes. Whilst it is currently impossible to remove the court’s ability to impose an outcome, a prenuptial agreement can have serious impact, and in some cases, determinative impact, on how assets are divided in a divorce. There are certain criteria to meet, such as legal advice being obtain, an exchange of full and frank disclosure and no undue pressure.
What is an asset and non asset, by definition?
Simply put, an asset is one that was generated during the marriage. It can be a house that was bought in joint names, it can be shares or savings, pensions or even a family-run business. A non assets is, therefore, something that has been generated not as a result of the marriage. For example, an inheritance that comes in during a marriage but is kept entirely separate could be a non asset. Similarly, someone who is very wealth at the start of a marriage may be considered as having non assets because their wealth was not created as a result of the marriage.
What happens to the house in a divorce?
Each case will depend on its own facts. The court has the power to transfer the family home to either of the parties or it has the power to sell it. The court can make a delayed order for sale, for example, until the youngest child has finished their compulsory education. There are important considerations the court will have to weigh up, such as how financially realistic is it for the family home to be retained and what other resources are there to meet the parties’ needs.
Testimonials
UNITED KINGDOM
LEADING FIRM
2021
UNITED KINGDOM
LEADING FIRM
2022
UNITED KINGDOM
LEADING FIRM
2023
UNITED KINGDOM
LEADING FIRM
2021
UNITED KINGDOM
LEADING FIRM
2022
UNITED KINGDOM
LEADING FIRM
2023
About Us
As a specialist firm, we focus on all areas of family law and legal matters that affect private wealth.
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info@allardbailey.com
(+44) 020 7993 2936
Head Office
3 Waterhouse Square,
138 Holborn, London, EC1N 2SW
Hertford Office
114-116 Fore Street, Hertford,
SG14 1AJ
Allard Bailey Family Law is a practice name of Allard Bailey Family Law Ltd, a company registered in England and Wales (no 10359344) and authorised by the Solicitors Regulation Authority (no 634271)
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