‘Down the pub last night, I opened up about my divorce. Everyone seems to have an opinion or experience. All of which are horrific. I don’t want to be taken to the cleaners’.
You are understandably worried about money and what’s going to happen to your life because of your divorce.
The reason that you hear lots of different opinions and ‘horror stories’ is because sorting out property and money on divorce (‘matrimonial finances’) is based on the objective principle of ‘fairness’.
Family lawyers (and if really necessary, a judge in court) first look at your combined capital and pensions assets and apply the ‘yardstick of equality’ test.
Roughly translated, this means to split everything down the middle, but there is then also the legal requirement to consider what is ‘fair in all the circumstances?’
The key legal requirements are recorded within ‘section 25 of the Matrimonial Causes Act 1973’, which contains a long list of factors which lawyers/a judges must take into account. In addition, meeting the ‘needs’ of both you and your ex (and also any children) now and into the foreseeable future will be very important, which includes housing and the ability to pay day-to-day costs of living.
Therefore, every divorce is unique, which means that what happens when someone else gets divorced is not helpful when working out what is best for you.
If you’re facing the complexities of family law and need expert guidance, don’t hesitate to reach out to our family team.
Book a Free 30-minute consultation with our team today to get the assistance you require and take the first step towards resolving your family law concerns.