Are Divorce Settlements All About The 50/50 Split?
A common misconception about divorce is that everything is split exactly down the middle from money to assets. In some cases this may be true but often due to the basic needs of the parties involved, final settlements may not be so clear cut.
The most important thing to keep in mind when it comes to divorce is that need takes precedence when it comes to dividing up assets as well as pensions savings and so on. Many people are disappointed to learn that their pensions must also be included and considered in the divorce settlement.
So for example, if you want to seek payment of a lump sum from your partner’s pension, then this will be assessed based more on your needs at the time including your state of health, housing needs and financial position.
Housing and financial stability can both be impacted by divorce and the needs of the dependent partner will always be considered first. So if one or other former partner can prove they will be greatly disadvantaged in these areas then settlements are often challenged.
If you need advice on your specific circumstances or if you require general information about our divorce services, please contact us today.