Divorce

diystarter7

If a couple married for years with adult children divorces, is the split via courts always 50/50?

IE, the price of the property, money in bank, pension, car, jewellery, etc etc.

I'm guessing if the couple agrees and get something in writing the split would not need to be 50/50.

Though we've never been given money, what if one sides parents gave their married child 50k years ago, would that go 50/50 as well?

DE_612183

you need to come to a financial settlement - this takes in to account all income and assets - both parties.

The Starting Point is 50/50 but then can go either way depending on discussions about where people are going to live etc.

DE_612183

diystarter7 said:

Though we've never been given money, what if one sides parents gave their married child 50k years ago, would that go 50/50 as well?

Yes, all assets are 50/50 or whatever the split is that's agreed.

diystarter7

DE_612183 said:

diystarter7 said:

Though we've never been given money, what if one sides parents gave their married child 50k years ago, would that go 50/50 as well?

Yes, all assets are 50/50 or whatever the split is that's agreed.

Even if the money/gift was named to one person in a marriage?

74jax

diystarter7 said:

DE_612183 said:

diystarter7 said:

Though we've never been given money, what if one sides parents gave their married child 50k years ago, would that go 50/50 as well?

Yes, all assets are 50/50 or whatever the split is that's agreed.

Even if the money/gift was named to one person in a marriage?

Yes, but note the the part that says you can agree otherwise.

Marriage is a contract, just like any other contract. The terms and conditions are laid out clearly.  You have at least 28 days notice from giving notice to getting married to make sure you understand the legalities. You agree them and sign to become married at a marriage service accepting that legally by contract you agree to be 1 financial unit.  Short marriages are slightly different (under 5 years) but you can really agree whatever you want together to break the contract formally - just like any other contract. 

comeandgo

Each party should have a solicitor who will be looking out for their client so that one party does not try and use influence to reduce the legal rights of the other party.

Pollycat

It's better to agree without court help if possible - as long as you do it right.
Wikivorce may provide some help.

When a friend of mine got divorced, she had a share of an ex council house that her ex's Mum had rented for years so bought very cheaply.
He asked about his ex's inheritance from her Mum. When his solicitor found out that the Mum was very much alive, she laughed at him

tightauldgit

diystarter7 said:

If a couple married for years with adult children divorces, is the split via courts always 50/50?

IE, the price of the property, money in bank, pension, car, jewellery, etc etc.

I'm guessing if the couple agrees and get something in writing the split would not need to be 50/50.

Though we've never been given money, what if one sides parents gave their married child 50k years ago, would that go 50/50 as well?

No, it's not always 50/50 it depends a lot of the specific circumstances of both individuals. But the starting point is 50/50 if a court decides the split. You can agree something different between you but that still should be approved by the court to formalise it and make it a clean break. 

That 50k would be seen as a marital asset and split along with all the other assets in the pot unless you have a really good case that it shouldn't be. I assume since it was years ago that it was just treated like the couple's money at the time ? 

TBagpuss

50/50 is a starting pint. The requirement is to have a settlement which is fair and reasonable, taking into account all the circumstnaces.

So for example:
- If one person has significantly higher earning capacity, it may well be fair for the other to have a larger share of the assets, as they will have a lower mortgage borrowing capacity, less disposable income and less opportunity to build up new savings etc moving forward.
- Things such as any disabilitie or serioushealth conditions may be relavant.
- gift - it depends on how long ago and what it was used for. A lump sum that was used to help buy a house/ pay down the mortgage is not going to change the outcome - it's been mixed in wth the joint assets and was gifted when you were a couple. A recent inheritance where the money is still sitting in a separete bank account, on the other hand, might be treated diffreerently, but the facct that one party has that may mean thatthe what each of them *needs* from thejoint assetsd is different to what it would have been without that gift. the longer ago the gift was received, the less likely it is to be fair to treat it differently from other assets. 

pinkshoes

diystarter7 said:

DE_612183 said:

diystarter7 said:

Though we've never been given money, what if one sides parents gave their married child 50k years ago, would that go 50/50 as well?

Yes, all assets are 50/50 or whatever the split is that's agreed.

Even if the money/gift was named to one person in a marriage?

Yes, 50/50 is the starting point.

After years of marriage, you need to decide what is fair between you and negotiate. Why does one of you think 50/50 of this money is fair? Why does the other of you not think it's fair?

It's quite common that one person has sacrificed earnings and pension to do the majority of the childcare. Contributions to marriage are not just financial. Mr Pinkshoes has contributed to our family far more financially. I have contributed far more in terms of time. 

Has this money just been sitting in a bank account doing nothing?