Divorce – Financial Needs & decision by the court
What are the Financial Needs of each Party? & how will the court make a decision?
The Court will consider each party’s needs, taking into consideration all the circumstances of the case:
- The standard of living during the marriage
- The age of each of the parties
- Any physical or mental disability
- The contributions of each of the parties, for example:
- Any contributions that are made by one party over and above the other where significant might be taken into account.
- Where one party has been the main wage earner and the other has been the homemaker, this will often be considered an equal contribution.
- Even where there is a contribution found to be made, whether this is taken into account will depend upon the needs of both.
Therefore, know that when making a decision of dividing the assets, the court will take into account the parties’ capital and income resources, their needs, the standard of living during the marriage, the age of the parties and any other relevant circumstances of the case.
If needs cannot be met without taking that additional contribution then it will be ignored.
This is something that might need to be carefully considered.
The division of the matrimonial assets could include:
Money, which would include savings and investments, Property, including the family home and any properties owned individually or jointly, business or businesses, any Life Insurance Policies, Pension, Furniture & appliances, Vehicles, Child maintenance payments, Spousal maintenance payments
