How a family's finances should be arranged on divorce, does not follow a formula. Instead, the court will share out the assets in a way that is fair to both of you.
People have very different views about what “fair” means. However if you and your ex are trying to agree a financial arrangement (with or without the help of lawyers or mediators) you need to know what the law says so that you can:
- reach an agreement that reflects your legal rights and responsibilities
- turn your agreement into a legally binding court order (called a "consent order")
The court has a very wide discretion to decide who gets what. This flexibility allows the court to take into account a family's individual circumstances and find a tailor-made arrangement. However, this flexibility can make it difficult to predict with any uncertainty what decision a judge will arrive at.
The court will always:
- put the welfare of your children first
- take into account all of your family's circumstances including all your resources, your standard of living, your ages and the length of your marriage
- ensure that your and your ex's needs are met, ideally leaving you financially independent of each other if possible