In the latest video of the series, Stowe Family Law Senior Partner Marilyn Stowe talks about the various decisions courts can make in relation to finances.
When a couple gets divorced, there is a great range of orders the courts can make in relation to their finances going forward.
These orders can cover, but are not limited to, maintenance over the short or long term, lump sum payments, a transfer of property, and pension sharing. Basically, the court is empowered to make orders about all assets and incomes of the divorcing couple.
The central aim of these orders is a fair distribution between the parties. Fairness is determined by the needs of each spouse.
A number of factors can affect how assets and incomes are divided. Is there enough money for a one-off lump sum payment which ends all financial ties between the couple? If so, the judge could order a clean break.
Other factors can include the length of the marriage, the needs of any children they have, or the earning potential of each spouse. Each factor will be taken into account before a decision is made regarding what each partner’s needs are.
If you are curious about exactly how a judge makes such a determination, you may want to consult Section 25 of the Matrimonial Causes Act 1973. That is the law the judge will turn to before coming to a final decision.