While going through a divorce can be daunting and feel excruciatingly difficult, it’s vital to understand how your finances and assets may be divided so you can make informed decisions about your future for both yourself and your family.

In the UK, assets in a divorce are more often divided fairly to meet needs, rather than a split down the middle. To meet your needs, the Family Court consider factors such as children first and foremost, then the length of the marriage, income, physical/mental health conditions. 

So, whether you’re wondering who gets the house in a divorce or if your ex can claim assets owned before a marriage, you’re in the right place.

First of all, let’s start by defining what exactly an asset is and whether or not it can be included in a divorce.

An asset, in its simplest form, is anything you or your partner owns that has financial value.

Any assets gained during the marriage are usually defined as “matrimonial assets.” Assets gained before or after marriage or separation – or inherited or gifted assets to just one individual spouse – may be defined as a “non-matrimonial asset.”

All assets, regardless of whose name they’re in, must be disclosed, meaning they may be considered in the final settlement.

In general, matrimonial assets can be anything that has been acquired during the marriage, no matter who is named on the paperwork.

Examples of matrimonial assets can include:

• The family home
• Possessions (e.g. vehicles, electronics, jewellery, furniture)
• Investments
• Savings

In the eyes of the law, both parties to the marriage have an equally strong claim to a matrimonial asset.

Theoretically, an asset could be considered a non-matrimonial asset if either person obtained it before they got married or after they separated unless they chose to share it.

Examples of non-matrimonial assets may include:

• Properties purchased before the marriage (as long as they weren’t used as the family home)
• Inheritance (received before or during the marriage)
• Family businesses
• Gifts from friends or family

Non-matrimonial assets could be included in a divorce settlement if there aren’t enough assets to meet both party’s needs.

Usually in a longer marriage the starting point is that your marital assets may be divided in a 50/50 split. This figure can, and usually will, be adjusted to make it more fair for both parties.

The amount each person may receive during a divorce can depend on several factors, including:

• The income of both people
• Their future earning potential
• Any special circumstances, such as a disability or long-term health condition

Other considerations the court could make when dividing your assets in a divorce could include:

• Welfare of children
• The duration of the marriage
• The age of each person (especially if there is pension provision involved)
• Existing financial resources (such as a trust fund)
• Standard of living enjoyed by each person before the separation

The best answer to this question is to speak with a qualified Family Lawer. Our team can walk you through your options, including agreeing on a settlement with your spouse that works for you both.

Our Family Lawyers regularly advise clients on divorce financial settlements involving property, pensions, businesses and inherited wealth.