FAQ: What is taken into consideration when dividing finances during divorce?
The court will take into account a range of factors when considering how to best divide your finances between you and your partner, these include:
- Children – if you have children, their welfare is treated as a priority, from their financial needs to any other aspects that could play a part in their wellbeing and their day to day life;
- The respective financial circumstances of you and your partner and needs you may have;
- How long you have been married and the respective ages of both parties;
- Whether or not either party has health issues, also any health issues that may affect your children;
- The standard of living you had during the marriage – this helps keep a fair allocation of finances;
- The earnings of both parties, and the potential earning ability of each party in the coming years;
- Financial and non-financial contributions. Non-financial contributions include childcare and housekeeping.
Needing some professional advice on your finances during a divorce? You can contact Goodwins Family Law today to book an initial fixed fee consultation for a confidential discussion and we’ll be happy to help. We are situated in Harrow, London, with on site car parking and accessible from public transport links. Alternatively, if you are overseas we possess the capabilities to arrange a Skype call with you if it is more convenient.