In Divorce, How Are Assets Divided?

Divorce alone comes with many harsh decisions in a short space of time. Some assets may be much easier than others to distribute but for those more expensive or meaningful how are assets really divided? At Broadbents Solicitors, we are here to help you understand the concept of this to make the process as smooth as possible.

Without touching on how divorces can go, whether it is a positive, neutral or negative decision for you both, there was once a foundation as part of the relationship. A huge part of a partner’s foundation are the things you share and love together. The size and expense of these may vary but it can make the process difficult regardless of that.

Some Common Assets To Sort:

1. One of the most common and severely important assets would be the partner’s home. There are many different ways to tackle the emotional attachment to a home and having a solicitor by your side could be extremely beneficial.

2. Money is a huge part of your life individually and therefore can take some professional responsibility to help divorced couples tackle. Checking, savings, or joint accounts all need to be divided or closed, depending on whose name they’re under and where the money came from.

3. Pensions are one of the most important assets to consider in a divorce. They often represent a large part of a couple’s long-term financial security, especially for retirement. Any pension built up during the marriage is usually treated as a shared asset, even if it’s in one person’s name.

4. Investments are another crucial element in the divorce process. Shares, bonds, unit trusts, ISAs, and cryptocurrency holdings all count as assets that need to be valued and divided.

There are of course many others that are still valuable assets such as cars, jewellery, smaller savings and shared possessions, yet these might be much easier to sort without the need of a solicitor company. But if you have any questions about the importance of particular assets and certain ways to go about it, we are always happy to help when contacted.

In divorce, how are legal assets divided fairly between both partners? In the UK, there is no certain way of splitting everything in half. Instead, the court focuses on what is fair and reasonable for each individual situation. The main goal is to make sure both parties can move forward with financial stability, especially where children or long-term commitments are involved.

Assets that are considered marital, meaning they were built up or acquired during the marriage, are usually included in the division. This can include property, savings, pensions, and investments. 

Non-marital assets, such as inheritance or property owned before the marriage, may sometimes be kept separate, though this depends on the circumstances and how the asset was used during the relationship.

Deciding Factors

When deciding how to divide assets, the court looks at several factors, such as the length of the marriage, each person’s income and financial needs, contributions made to the home or family, and the welfare of any children. Often, couples reach a mutual agreement through negotiation or mediation, which can then be made legally binding through a consent order.

Every situation is different, and understanding what you are entitled to can be difficult without professional advice. Speaking with a solicitor can help you understand your rights, your options, and what a fair outcome could look like for your future. Broadbents Solicitors can guide you through this process with clarity and care.

At Broadbents Solicitors, we specialise in family law, with dedicated solicitors focusing on divorce and the laws surrounding it. With our help, you can be confident that the assets which belong to you will be properly protected. It’s important to seek legal guidance and support early in the process to ensure everything is handled fairly and in your best interests.

We have over 200 years of experience in all matters taking them as seriously as each other, meaning you can trust that our team will put our utmost efforts into helping you achieve the outcome you deserve!

Phone our helpful team today from either our Heanor or Alfreton branch. Alternatively you could use our enquiry form for more specific requests or questions.