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PRIVATE DETECTIVES Tel: 01483 423900 |
  DIVORCE - THE NEW RULES New legislation means that couples who are divorcing may no longer expect a 50:50 split of assets. |
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New legislation means that couples who are divorcing may no longer expect a 50:50 split of assets. The legislation is being introduced in an attempt to cut the legal costs of the 300,000 people who go through the divorce courts each year. |
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It is not uncommon for the costs of actions to exceed the value of all the couple's assets. The aim is to promote fairness rather than an equal split - which may mean that in-depth investigative work is needed when one half of a couple does not honestly disclose the value of their assets. |
| Traditionally, (under the Matrimonial Causes Act 1973) courts
would consider the following (and other) factors: |
Needs
of the parties Income and Earning Capacity Financial Obligations of each party (now and future) Ages, Health and Standard of Living Pre-Nuptial Agreements |
| The new legislation will effectively consider financial splits in the following criteria: |
| Where assets do not exceed needs: | Where assets exceed needs |
| Housing of the parent who has care of the children
Then distribution of assets according to needs and in proportion to each party's ability to meet those needs |
Needs
of each party Contributions of husband and wife Non-financial contributions of a homemaker and/or child carer Money or capital brought to the marriage |
| Some recent court rulings have caused confusion and led to inconsistent rulings - the legislation is designed to produce a greater consistency |
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