Matrimonial Finances

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On divorce or separation, all of your assets (money, investments & property etc) and those of your spouse are regarded as matrimonial assets (belonging to you both), regardless of whose name they were purchased in.

This area of family law in England and Wales can be difficult to navigate, whether or not you’re dealing with international divorce or the ending of a civil partnership.

Similarly, debts are treated as matrimonial liabilities, although if debts have been accumulated by one party purely for their own purposes e.g. a large gambling debt, then this may be regarded as a debt of that individual and not a matrimonial debt. These collective assets and liabilities will be considered together when looking at what is a reasonable financial settlement and cost-effective solution for both of you.

Types of Court Order

AMICABLE AGREEMENTS & CONSENT ORDERS
If the relationship between you and your spouse has remained amicable, then a settlement may be agreed upon without having to go to court, and it might be easier to reach an agreement face to face. In this situation, you should consider the following points:

  • The well-being of any children
  • Any outstanding debts or liabilities that you or your former spouse have
  • The value of any property owned, whether joint or individually
  • Assets held by either party
  • Financial obligations and responsibilities of each party
  • Pension arrangements
  • Comparative earnings and earning potential of the spouses
  • Physical or mental disabilities
  • Contributions made to the marriage by either party, financial or otherwise

If a settlement is agreed upon between you and your spouse, approval from the court is still required. In this situation, a Consent Order is drawn up by us which merely needs to be rubber-stamped by a judge. The court needs to be satisfied that the agreement is reasonable and that both parties understand what they have signed.

WHEN YOU CAN’T AGREE
If you have tried but failed to reach a financial settlement with your spouse we may advise you that the matter should be referred to court and an application made. This application can be made either by yourself or by your spouse.

matrimonial finances paperwork

Types of Court Order

The court can make orders for:

  • Maintenance for the husband or wife;
  • Maintenance for children;
  • A lump sum for the husband or wife;
  • A ‘property adjustment’ or ‘transfer of property’ order;
  • Sharing or claiming on the other’s pension fund.

Related Pages

guide to financial settlements
Guide to Financial Settlements

> READ MORE

Call our friendly team today on 0345 2413100 or email us for more information

Our Divorce Experts

lee pashen
Lee Pashen - Director / Solicitor

T: 0345 241 3100

meet Lee
If you would like more information please contact our team by filling out the form below.

Hugely supportive, informative and ultimately helpful service. Lee took the time to walk me through the situation, outlining where he saw issues, and helped to bring things to a successful conclusion in a very timely manner. Would strongly recommend.

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Family & Matrimonial Insights from CP Law

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