As experts in family law we’re used to helping clients deal with the complexities of issues such as wills and probate, adoption and children disputes. We also work on a great number of divorce cases, helping clients to achieve the fairest possible result whilst avoiding, if it is at all possible, the need to go to court. We know from experience just how stressful, time consuming and costly fighting a divorce case in court can be, and many times the decision to go to court is fuelled by a desire to achieve or avoid a 50/50 split divorce.
In simple terms, a 50/50 split divorce is one in which the assets of both parties are divided equally. While a 50/50 split divorce may sound like the fairest possible result, and is useful as a starting point when trying to come to a financial settlement, the truth of the matter is that a 50/50 spit divorce is often not the fairest way to go. This is because a 50/50 split divorce might not be fair to both parties involved in a divorce, or fair to any children involved, and the overriding aim of any settlement in a divorce is to achieve something which is fair to all concerned.
The more complex the financial arrangements of a marriage are, the more likely it is that a 50/50 split divorce will not be possible and something more nuanced will have to be negotiated. As experts in 50/50 split divorce cases we understand the value of mediation and of both sides in a divorce sitting down and trying to come to an agreement. The factors which any court will take into account when deciding whether a 50/50 split divorce would be a fair result include the following:
- Whether there are any children involved, as their financial requirements now and in the future will have a strong bearing on how the assets of the parties will be divided
- How long you have been married
- The age of both parties at the time of divorce
- The property and money belonging to both parties, including any pensions
- The current earnings being generated by both parties, and their ability to carry on earning into the future
- Whether either partner or the children have any health issues
- The standard of living to which the parties have been accustomed
- The contributions which each party have made to the marriage, both financial and non-financial, such as running the home and raising children
The assets which are dealt with during any negotiation over a 50/50 split divorce can be divided into matrimonial and non-matrimonial assets. Matrimonial assets are those which were acquired during the course of the marriage, or before the actual marriage if the parties were cohabiting. These could include the family home, savings and current accounts, personal belongings, business assets, such as ownership of a business or shares in one, and any debt. Non-matrimonial assets are those which were acquired by one party before the marriage or after the date of any separation. These assets can often become mingled over the course of a longer marriage, and disentangling them could be one of the trickier aspects of negotiating and agreeing a fair divorce settlement.
Because there is no strict legal definition of a non-matrimonial asset, some items which one party considers non-matrimonial may still end up being divided as part of a 50/50 split divorce, if it is felt that including them helps to create a settlement which is fair to both parties and any children. Income will also be taken into account when negotiating a divorce settlement, and that could include income earned from employment, investment income, pension income, benefits and rental income. A 50/50 split divorce, although providing a useful starting point for any negotiation, is not actually very common, as assets are not generally divided equally. Instead, either through a process of negotiation or after appearing in court, a settlement will be decided which is viewed as being fair on the basis of factors such as the following:
- The income and assets of both parties now and in the future
- The financial requirements of both parties – often referred to as ‘needs’
- The standard of living which was enjoyed during the marriage
- The ages of both parties and the length of time for which they were married
- The financial contributions each party made to the marriage
First and foremost will be the welfare of any children involved. The court will be likely to order a settlement and allocate a division of assets on the basis of the welfare and requirements of any children at the time of the divorce and into the future. This could mean a 50/50 split divorce, no matter which party brought the most assets into the marriage and contributed more in financial terms, or it could mean a shift away from an equal split to reflect factors such as where any children will be living and with which partner. In all cases, the experts at Higgins Miller will be able to examine the circumstances of the marriage and explain whether a 50/50 split divorce would be the fairest result or is likely to be ordered by any court. We will always work with our clients to get the fairest result for them, whether this means a 50/50 split divorce, or one in which the assets are not divided equally.
If you’d like to find out more about a 50/50 split divorce please call us on 0161 429 7251 or email us at [email protected]. We’ve recently passed our Cyber Essential accreditation, something which demonstrates our forward-thinking attitude and determination to remain ahead of the competition. The first 20-minute appraisal is provided free of charge, and we’ll give you the first appointment for a fixed fee, so you don’t have to worry about how much our advice is going to cost. If you want to explore our wider charging system then please take a look here.