When we marry, we literally give "all our worldly goods? to our spouse. The words we have to say during the ceremony about our goods and possessions actually have legal, as well as ceremonial, significance.

In the unfortunate event of a marriage breaking down, the law presumes that all matrimonial assets belong equally to both parties, irrespective of who acquired them and how they were acquired. If the Court is asked to decide how assets should be divided, this is a long drawn out and very expensive procedure, and best avoided if at all possible. It is far better to take expert legal advice, as an experienced lawyer will be able to work out fairly accurately what sort of division a Court would order and, if such a division can be agreed with the other party, there will be a huge saving in time and legal fees.

• The house, and any other house or property owned by either or both parties.
• All savings and investments including PEPS, ISAs, deposit accounts, Premium Bonds and stocks and shares.
• The value of the family business.
• The occupational pension funds of both parties.
• Any especially valuable goods, such as antiques and classic cars.

As mentioned above, the source of any particular asset is not relevant. So, for instance, if one party inherits a house from a parent during the course of the marriage then it's value must be taken into account. This does not mean that all assets are automatically divided on a 50/50 basis, for there are many factors which the parties lawyers will take in to account, in exactly the same way that a Court would.

These would include the length of the marriage, the ages and earning capacities of the parties, the parties individual financial and housing needs and any relevant health problems or disabilities. 

For further details please visit our information packed website www.divorce-lawfirm.co.uk or contact us on info@divorce-lawfirm.co.uk