Often, when a couple divorces, it is assumed that the assets of the marriage will be divided evenly. The past, current and future financial circumstances are considered of the couple who were married, as they move forward with their separate lives. This may determine whether one person will leave the marriage with a greater share of the property, savings, investments, and pensions than the other.
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- What is an Asset?
Take a look at the article we prepared earlier: What is an Asset?
- What are Matrimonial Assets?
A matrimonial asset is a financial asset acquired during your marriage by you and/or your spouse. In the event one spouse files for divorce, these assets may be split among the parties. In general, marriage assets include things like the family home, pensions, investments, and savings.
What are Non-Matrimonial Assets?
The assets you acquire before you are married or after you are separated are considered non-matrimonial assets. In most cases, such assets have not been mixed with the husband or wife’s assets during the marriage. It is also possible to acquire non-matrimonial assets after marriage, whether they are gifts, inheritances, or simply capital that has been earned or invested.
LegacyScore allows you to upload all of your assets safely and securely to one dedicated platform. Providing you with a dashboard view of your finances.
- Who decides how Matrimonial assets are divided during a divorce?
Upon divorce, you and your ex-wife or husband must come to an agreement about the division of your finances – ensuring that each feels that the assets acquired during your marriage have been distributed in a fair and reasonable manner. It is likely that if the couple is unable to reach an amicable settlement, the court will ultimately decide these matters on their behalf.
During the divorce process, the court must make sure that both parties become financially independent of each other as soon as possible. Each party should also maximize their income if they cannot become self-sufficient.
Matrimonial assets and UK law during a divorce?
In England and Wales, any financial assets your spouse acquires during marriage also belong to your spouse, regardless of who paid for or accumulated those assets. You and your spouse will both be entitled to a share of any pension you pay into while you’re married, even if they haven’t physically contributed.
Non-Matrimonial assets and UK law during a divorce?
There are more challenges involved in dividing non-marital assets than matrimonial assets. Although you may request that non-marital assets be excluded from your divorce settlement, this request can be denied if the non-marital asset has been used in your marriage (for example, an inheritance that provided funds to purchase the family home).
Is my pension a Matrimonial asset?
During your marriage, if you contributed to a pension, it will be considered a matrimonial asset. A ‘pension sharing order’ may grant your ex-spouse a share of it. As a joint savings for retirement, pensions are included as a part of the savings and investments as part of the matrimonial assets because they are viewed as a joint savings for retirement.
What exactly are high-value Matrimonial assets?
- Classic/performance cars
- Property investments/second homes
- Business Shares
- Fine art
As a result of not declaring or attempting to conceal or sell high-value assets, it is not uncommon for one partner to not include them in the financial settlement. If a spouse is found guilty of concealing assets, their settlement will likely be less favourable than they had hoped.
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Latest Blog Posts
“A feeling of financial security can be described as positive financial wellbeing in individuals who have enough money to meet their needs and enjoy life as well.” – LegacyScore
“Marriage is a partnership, and couples can’t win with money unless they budget as a team.” – Dave Ramsey
Assets are anything that holds value or a resource that can be converted into cash. Assets can be invested in, or owned by an individual, company, or government. Assets can generate revenue, or even generate benefits for a company. Assets are anything that holds value or a resource that can be converted into cash.