When you go through a divorce, you will need to separate your marital assets. The problem is that there are no hard rules regarding the separation of these assets. You and your ex-partner will need to come to an agreement regarding this or have the court make a judgement on this.
Coming To A Financial Agreement
The first step that you need to take in the separation of your assets is to try to agree with your ex-partner. Of course, this is not always possible, and if that is the case, you will have to take other steps. If you feel that your ex is not being honest in the listing of assets, you will need to talk to a solicitor.
It is recommended that you talk to your solicitor about the separation of assets before talking with your spouse. They will generally be able to help you with the agreement and determining what is a fair divide. They can also help find a mediator if you need one.
Filing A Financial Order
If you are not able to agree to the separation of assets, you can ask the court to file a financial order. This order allows the courts to determine the separation of the assets. It is important to note that you will need to go through mediation before this except for some instances where there has been abuse.
To apply for the order, you will need to send two copies of the form to the court that is dealing with the paperwork for your divorce. You also need to keep a copy for yourself. You may have to attend court appointments and court hearings. The overall process will take between 6 to 12 months.
How The Court Separates Assets
When going to the courts, the judge will determine the separation of assets based on several factors. They will consider how long the marriage lasted as well as the age of each spouse, the ability of each to earn and the property and money from the marriage. They will also take living expenses and the standard of living into account.
The judge will then decide on the fairest way to divide the assets between both parties. It is important to note that this will be based on the needs of each person and not their wants. Arrangements will also be made for children in these cases, including child maintenance and their housing arrangements. Property settlement After Separation can be an emotionally taxing time for partners and especially kids.
The judge will generally try to create a clean break which severs all financial ties between the parties. If you have children, the judge will take their needs into account before either parent. It is recommended that you have a solicitor with you during the hearings and account appearances.
The separation of assets during a divorce will vary depending on the couple. There are no rules, and you will need to try to reach an agreement regarding this. If you cannot do so even after mediation, you can have a judge determine this.