Financial Provision: The legal process of dividing assets and liabilities between divorcing couples,

Guidance to the legal process of dividing assets and liabilities between divorcing couples, including the division of pensions and other assets.

Divorce is a difficult process for all involved, and the division of assets and liabilities between divorcing couples can be a particularly complex and emotionally charged issue. In the UK, the legal process of dividing assets and liabilities between divorcing couples is governed by the Matrimonial Causes Act 1973. This Act sets out the principles of fairness and equality that must be applied when dividing assets and liabilities between divorcing couples.

The first step in the legal process of dividing assets and liabilities between divorcing couples is to identify the assets and liabilities that are subject to division. This includes all assets and liabilities that were acquired during the marriage, such as property, savings, investments, pensions, and debts. It is important to note that assets and liabilities acquired before the marriage are not subject to division.

Once the assets and liabilities have been identified, the next step is to determine the value of each asset and liability. This is done by obtaining independent valuations from qualified professionals. The value of each asset and liability is then used to calculate the total value of the marital estate.

The next step is to determine how the assets and liabilities should be divided between the divorcing couple. This is done by applying the principles of fairness and equality set out in the Matrimonial Causes Act 1973. Generally speaking, the court will seek to divide the assets and liabilities in a way that is fair and equitable to both parties. This may involve the court ordering one party to pay the other a lump sum or ongoing payments, or it may involve the court ordering the sale of certain assets and the division of the proceeds.

When it comes to dividing pensions, the court will generally seek to divide the pension in a way that is fair and equitable to both parties. This may involve the court ordering one party to transfer a portion of their pension to the other party, or it may involve the court ordering the pension provider to pay a lump sum or ongoing payments to one party.

Finally, it is important to note that the court has the power to make orders for the division of assets and liabilities that are not covered by the Matrimonial Causes Act 1973. This includes the power to make orders for the division of assets and liabilities that were acquired after the marriage, such as inheritances and gifts.

In conclusion, the legal process of dividing assets and liabilities between divorcing couples in the UK is governed by the Matrimonial Causes Act 1973. This Act sets out the principles of fairness and equality that must be applied when dividing assets and liabilities between divorcing couples. The court has the power to make orders for the division of assets and liabilities that are not covered by the Act, such as inheritances and gifts.