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.