When getting divorced, any money that you have including your family home, savings, policies or an interest in a business, will be divided between you. These things are often referred to as your ‘capital’.
Whilst there is no set formula regarding the division of capital, the Court will do its best to divide monies up in the fairest possible way. Any children will be prioritised ensuring they are financially provided for and have somewhere to live.
Whether you are using a solicitor, mediator or applying to the Court, they will all take into consideration:
- The value of your family home and other properties which you own including whose name the property is in and individual contributions made towards the purchase of the property.
- Any outstanding mortgages you may have.
- The value of any monies in bank accounts, savings and shares.
- Any involvement or interest in a business.
- Any debts which you have.
- Any pensions you have. For more information on pensions click here.
Once the value of the capital is agreed upon, the capital will be divided up between you. Options include transferring or selling properties, paying lump sums or transferring or surrendering policies.
Talk to us
If you’d like to speak to one of our expert solicitors about property, savings or anything else relating to divorce, gives us a call on 0113 201 4904 or complete our online enquiry form for some initial free advice. We offer our services nationally and internationally and can meet you in person or communicate with you by phone or online.