What is a fair distribution of assets between spouses when they divorce?
Before I proceed I should explain that I shall purposely be trying to limit the amount of law in this post. The purpose of this article is to discuss what society thinks the law relating to financial settlements on divorce should be, not what it actually is.
When the question “should my spouse get half in divorce?” is posed, a central issue is whether it is fair that assets accrued in a marriage should be divided equally, before it’s established who accrued them. To put it another way, is it fair that the person who did not earn or receive the assets should get a share of them in a divorce financial settlement?
Navigating financial contributions in divorce
A traditional scenario that’s still common, is that one party is the primary earner, while the other works part-time or remains at home running the household or caring for children. Once this arrangement is established it creates an imbalance between the earnings, or values of the assets acquired by each party during the marriage.
How these unequal financial contributions should be approached during divorce has been the subject of debate for years. There was a time when the law automatically favoured the husband, who historically was almost certainly the sole or primary ‘breadwinner’. Thankfully that time has long passed, and these days conventional wisdom holds that marriage is a joint venture. Accordingly, the contribution of the ‘homemaker’ is considered equal to the contribution of the ‘breadwinner’ and it’s understood that the non-financial contribution of the ‘homemaker’ sometimes enables the other partner to prioritise work.
Depending on your circumstances you may wonder if this is fair? Even though conventional wisdom sees marriage as a partnership of equals, there are still some who disagree with how divorce finances are divided. They feel the primary earner should get a larger and proportionate share of the financial settlement, where possible.
To find out what you could be entitled to, try our divorce calculator.
Is it fair?
It all boils down to the concept of ‘fairness’. The problem, of course, is that two perfectly reasonable people might have quite different ideas of what is fair. Some will agree it seems fair that homemaking equals breadwinning, at least in broad terms.
But then things are not always straightforward and respective contributions are not always equal. The concept that one role is more valuable than the other irrespective of effort or sacrifice is complex. We’re not comparing like-for-like.
Has conventional wisdom gone too far? It’s unlikely that the law causes any ‘breadwinner’ to regret their efforts to earn money prior to the marriage breaking down. However, I’m sure many will feel aggrieved that they’re not rewarded for their essential financial contributions in the divorce financial settlement.
Financial settlements can be agreed through negotiation, mediation or court proceedings, contact us to find out how our solicitors can help you to reach a fair settlement.
What are matrimonial assets?
Matrimonial assets include everything you or your spouse have, whether in joint or sole names, such as the family home (including any outstanding mortgage), pensions, savings, investments, shares, businesses, vehicles and jewellery.
What if our contributions to the matrimonial assets were unequal?
All contributions to the marriage, including child rearing, are considered in the financial settlement. When examining the split of all assets, the starting point is 50/50. However, the Court has broad discretion and will consider all aspects of your case with a primary focus on provision for children and housing needs.
If you’re currently going through a divorce, or are thinking of starting the proceedings, our financial settlement solicitors can help to protect your financial assets and keep in mind the price of your divorce. Contact us today to see how we can support you through this difficult time, or browse our full range of divorce services.
With over 90 offices across the UK, we provide expert divorce lawyers based in Manchester, Sheffield, Liverpool, Leeds, Birmingham and Cambridge. Our lawyers also serve clients from our offices in Reading, London, Oxford, York, Bristol and Newcastle. You can also view our full list of office locations to find a specialist near you.
Useful links
Stay-at-home mum divorce rights (UK)
What happens to the family home when I get divorced?
Do you split a pension when divorcing?
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