There are many different ways to divide your assets during a divorce. This article will look at your Property, Business, Mortgage, and Prenuptial agreements, which all affect your divorce settlement. The best way to handle personal items is to photograph, duplicate, or sell them. Alternatively, you can keep them in a safe place and share them equally. Personal items are a tricky topic to divide, and you should take a step back and think about all your options. One of the most effective solutions making the process of divorce in Glasgow simpler is to talk to a divorce lawyer Glasgow. Lawyers specialising in divorce can provide unique support in a situation where a divorce needs to be handled effectively and assets split fairly.
Property is part of matrimonial assets
Matrimonial assets are divided into two categories, namely matrimonial property and non-matrimonial property. Matrimonial property is the property acquired during the marriage, and non-matrimonial property is anything that was owned before the marriage. These assets are often considered separate from joint finances, and can be kept by the relevant party. In White v. White, the Supreme Court established a rationale for treating pre-marital assets separately, and acknowledged that this was widely held but not universal.
Business assets are part of matrimonial assets
In England, Wales, and Northern Ireland, business interests are part of a marriage. If a spouse acquired the business after the marriage, it is still part of the marriage. The court may choose not to split the business, leaving it to one spouse. Usually, this will result in the other spouse receiving a larger share of the assets and maintenance payments. In addition, the business’s income may be divided to provide for both parties.
Mortgage is part of matrimonial assets
In the UK, a mortgage can be part of a divorcing couple’s matrimonial assets during a divorce. If both spouses are named on the mortgage, they are each equally responsible for making repayments. This is known as joint and several liability. A judge will have to approve a mortgage release before it can take place. If the divorcing couple is financially stable, this may be one of their most important assets.
Prenuptial agreements are part of matrimonial assets
It has been suggested by the Law Commission that prenuptial agreements should be made legally binding and recognised as enforceable during a divorce in the UK. However, in order to have the agreement recognised, both parties must be willing to sign it must be in writing. If any one party does not agree, the agreement may be set aside due to fraud, coercion, mistake or undue influence. If both parties agree to sign a prenuptial agreement, it must be notarised and recorded in the local civil registry.
Tax implications of splitting matrimonial assets
Before separating, you must disclose all assets and identify any capital assets. You will exchange Financial Statements (Form E) in order to document these assets. You will also need to value any pensions and business assets. The court will determine the appropriate division of your assets. Whether your spouse has made contributions to these accounts is also important. The court will consider your age, too, as it may influence your earning and mortgage capacities.