When you divorce, you need to agree on various issues and one of the most important is how you will divide your money and property with your ex-partner. This refers not only to the property that you might have shared together but also any savings or investments that may have taken place during the duration of the marriage.
Working with our team, and with one of our divorce solicitors in London during this negotiation phase can help you agree on different issues as well as solve any arguments that may arise during this time. Matrimonial law in UK allows individuals to protect their right to the family home, in some conditions. Understanding these, as well as the other orders that may prove relevant after the separation, such as those that govern child maintenance, is important in order to have a clear picture of your situation once the divorce is final.
Our family lawyers in London are ready to answer any questions you may have before starting the separation process and they can also provide you with needed assistance if you decide that you need a solicitor’s help during the division of property.
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What are marital assets in the UK?
Marital assets are defined as any items or assets that the spouses acquire during the marriage. Non-matrimonial assets can include one of the spouse’s inheritance, a family business or property that has been purchased either before or after the marriage.
Matrimonial law in UK makes it so that it is not relevant whom provided the assets during the marriage, as long as they were accumulated during that time, they are joint and the manner in which they are divided is established once the divorce procedures commence.
How are the assets divided after the divorce?
A 50/50 division of matrimonial assets is not mandatory and how the property and other valuables are divided depends on each of the spouse’s financial situation. Matrimonial law in UK allows each of the two individuals to receive a fair amount, one that will allow him or her to meet their financial needs. Of course, the situation is adjusted accordingly if the ex-couple has one or more children.
The financial settlement can be a different one if a prenuptial agreement was signed before the marriage took place. In this case, our divorce lawyer in London can help you understand the way these agreements can be used as they are not legally binding in England, but they can however be used in Court.
How can you protect your property ownership rights after a divorce in UK?
Couples who have lived together during the marriage will need to resolve important issues regarding their housing arrangements once the divorce is final. The manner in which the home is owned (if it is in one of the spouse’s manes and/or if it is jointly owned) will have an impact on how the parties will continue to inhabit the property.
If the house is owned by only one of the spouses, the other may be able to register in order to protect his or her right to continue to live in that property. This depends on whether or not the property is registered with the HM Land Registry and also where it is located in England.
Our team of divorce solicitors in London can help you solve important issues related to the division or property after your divorce so that you can be protected from remaining without a home. This is especially important if you have underage and/or dependent children.
Other issues after the divorce
The financial status of both parties is important, and the Court divorce order will take each one’s personal situation into consideration. Issues like employment, benefits or whether one of the former spouses has other people living with him or her will be taken into consideration. However, apart from the way the property and assets are divided, the parties will also need to arrange on another particularly important financial issue: child maintenance.
Some examples of the child maintenance rates are highlighted below:
- 38£ for one child: the weekly amount when the gross weekly income is unknown or not provided;
- 51£ for two children: this is the weekly amount payable in case of two children case when the gross weekly income is not specified;
- 7£: the weekly amount when the parent who pays gets benefits or when the gross weekly income is between 7 and 100£.
- 0£: no weekly amount when the gross weekly income is below 7£.
Our divorce lawyer in London can provide you with any needed advice on guidance on how to arrange child maintenance, how much one is expected to pay and how shared parental care affects this amount.
Contact our family law solicitors for more information on matrimonial law in UK and any other divorce or separation related details.