Divorce proceedings can be complex and costly at the best of times. Whether you’re the partner filing for divorce or the respondent, the financial aspects of separation can quickly descend into chaos.
This is why it is important to ensure you fully understand your rights and entitlements ahead of time. By getting to grips with key financial issues at an early stage, the separation process as a whole can be made much smoother and simpler.
For more information on our financial settlement lawyer, maintenance and capital payments as part of wider divorce proceedings, contact a member of the team at Aristone Solicitors today.
What Are Matrimonial Assets?
Sometimes referred to as marital assets, matrimonial assets are the possessions, properties and general wealth a married couple builds during the course of their legal partnership. They are the items and assets the married partners purchased, acquired or earned as a couple – examples of which include the following:
- The family home
- Any other properties owned
- Savings and investments
- Motor vehicles
- Furniture and household appliances
- Stocks and bonds
- Valuable assets like jewellery
As matrimonial assets are acquired or built during the period of legal partnership, they are typically considered the shared possessions of both partners. In the case of separation, matrimonial assets may therefore be divided 50/50 between their two rightful owners.
What Are Non-Matrimonial Assets?
In the case of a non-matrimonial assets, these are the properties, possessions and financial resources owned or acquired by one of the partners either before or after the marriage period. It’s perfectly possible for any type of asset (including those listed above) to be considered a non-matrimonial asset, in accordance with when it was acquired.
Contrary to popular belief, non-matrimonial assets are not always excluded from a divorce settlement. The division of assets and wealth will be affected by various circumstances and any agreements set in place prior to the couple’s union. In a typical example, one of the partners could use their existing wealth to purchase a house and a car for the couple during their marriage. In which case, the house and the vehicle would be classed as matrimonial assets.
In order to safeguard your assets and protect your financial future, it’s important to understand your rights and obligations as part of a married couple. Whether planning to get married, already married or facing the prospect of separation, we can help you make the best possible decisions for yourself and your family.
Contact a member of the team at Aristone Solicitors anytime for more information.
Are Matrimonial Assets Always Split 50/50?
The courts will reach a ruling regarding the division of your financial assets based on multiple factors. A 50/50 is usually used as a starting point, after which the courts will consider the following among others:
- The needs and circumstances of each partner, as one of the two parties may be in a significantly weaker financial situation than the other.
- The welfare and well-being of any children in the family – the spouse responsible for their care and upbringing may be awarded more.
- The potential future earnings and general wealth of both partners, as one spouse may have had to sacrifice their career to care for their children.
Organising financial settlements and division of assets during separation can be complex and time-consuming. That’s why we strongly suggest obtaining expert legal support at the earliest possible juncture, rather than waiting until the last minute.
If you have any questions or concerns whatsoever regarding your current or future financial entitlement as part of a couple, contact a member of the team at Aristone Solicitors today.