How are Assets Divided in Divorce?
This will depend on what assets you and your partner have at the time you choose to separate. When you divide assets you’ll need to think about:
- The family home and any other properties you own
- Any savings you have both been putting into
- Child maintenance payments – if one of you is going to be taking care of the children more than the other
- Spousal maintenance
It’s easy when making agreements informally to forget about things like pensions, which may seem a long way away. But if one of you stayed at home with the kids while the other went to work then there might be a significant difference between your pensions, so it’s important that you protect your assets whilst also dividing them fairly.
A Separation Agreement won’t be able to cover your future assets, such as pensions. But it is a good short term solution as it sets out how you will divide your assets in the near future and until you divorce.
To protect your future assets you’ll need a Consent Order, which is legally binding. But you can only apply for a Consent Order if your divorce is already underway. While this may not be an option for you now, it could come in handy if you and your ex decide to go through with a divorce in the future.
Our Fixed Fee Consent Order option means that we can do all the hard work for you, put your financial agreements in writing and lodge your Consent Order with the Court.
If you’re putting your divorce off for financial reasons, our Fixed Fee Divorce service allows you to know exactly how much your divorce will cost.