5 Facts to Splitting Divorce Assets Fairly

WHAT'S MINE WHAT'S YOURS 5 FACTS TO SPLITTING DIVORCE ASSETS FAIRLY #1- Matrimony VS Non-Matrimony 命 (€) The court decides the difference between 'matrimonial and 'non-matrimonial property when determining how the assets will be split. This could mean excluding significant assets from the 'matrimonial pot. #2- What is Non-Matrimony Property? #3- Exceptions to Non-Matrimony Property All assets that are not the product of the parties' common endeavour; including all types of pre-acquired wealth, gifts and also inheritances received by ane party before or during the marriage from an external The matrimonial home will normally be treated as matrimonial property even if it was brought into the marriage at the outset by only one of the parties. "Family assets, such as house contents, SOurce. holiday homes, family savings or family businesses thet were clearly intended for the use and benefit of the family as a whole, will not fall nto the category of non-matrimonial property. #4- Length of Marriage Impacts Non-Matrimony Property 1t Years In a short marriage, fairnesS may dictate that non-matrimonial property should be completely excluded on the basis that the parties will generally have less call on each other on the breakdown of a marriage that has only lasted for a very short time. The flip-side to this however is that the weight attributed to non-matrimonial property will diminish the longer the marriage lasts. #5- When Non-Matrimonial becomes Matrimonial 中 中 中 岛 會 How both parties organise their financial affairs is likely to be relevant. If itis clar both parties are and remain financially independent and do not regard themselves as being engaged in a joint financial enterprise for all purposes, then this willplace greater significance on any non-matrimonial property. The way in which non-matrimonial property is treated during the marriage will also be very important. Where non-matrimonial property has become merged or entangled with matrimonial property the court is far lesslikely to draw a distinction between the two. BUT. Even where you can establish that an asset is non-matrimonial there is one final hurdle that must be overcome if the asset is to be left out of the equation: whether the needs of the other party can be met from the remaining matrimoniel property. Unfortunately, a needs argument is likely to be the downfall in most cases where the court is being asked to exclude or ring-fence non-matrimonial property. If the needs of the other party cannot be met without recourse to all the available assets then the existence of non-matrimonial property is unlikely to carry much, if any, weight at al If you require advice or assistance regarding divorce or financial matters contact DarrellWebb t) 020 7391 1002 (e) [email protected]