When negotiating a financial settlement on divorce there are many factors that will be taken into consideration. The age of the couple and how long the marriage has lasted are two of those important considerations.

How can a long marriage affect how a financial settlement is made on divorce?

Couples seeking advice after a very long marriage of thirty years or more are likely to be relatively close to retirement age. This means that particular attention will need to paid by the Court to future earning capacity and pension provision when a settlement is discussed.

The Court will wish to ensure that both parties are able to maintain a reasonable standard of living in the future. One partner may for example have been a home maker and stay at home parent for the duration of the marriage. Being out of the workforce for that significant period of time will affect that party’s ability to gain employment and a pension of their own. The Court will need to look at the resources available, to include the income, pension and resources of the party that has traditionally been the main breadwinner for the family.

There is another difficulty for the Court after a particularly long marriage and that is the issue of retirement and pensions. With the government introducing more and more measures to provide individuals with flexibility on how to utilise their pension funds, and the age at which pensions can be accessed, this can be a very difficult consideration. The age of retirement in many respects is down to the individual involved. They may be able to access their pension fund at 55, or after 30 years of service. Alternatively they may choose to continue to work and take their pension after the age of 60. It is also notable that the state pension age, although dependent on your date of birth, is also changing and will be an important consideration.

The health of each party will also be a pivotal factor in the case if there are special considerations. If one party to the marriage is likely to require greater financial assistance in the future, such as the cost of social care or specific medical treatment, the Court will take this into account when assessing the financial needs of each party.

It is normally presumed that the longer the marriage, the more likely the couple are to be financially dependent on the other. Many assets that may have been individually obtained or purchased will have been used throughout the marriage and will be considered as joint property, capable of being divided. The existence of children may also mean that the parties have made financial decisions and employment decisions with childcare arrangements in mind. This is true in many cases but please bear in mind that each case is different and turns on its own facts. You should obtain legal advice if you are at all unsure of your position.

How can a short marriage affect a financial settlement on divorce? 

A couple divorcing after a relatively short marriage where there are no children are more likely to achieve a clean break‚so that each party can rebuild their lives with a clean slate, and no financial ties towards each other. In these situations there will be no dependent children to consider and it is less likely for individually owned property to have become mingled and used as joint property. In short, they are less likely to be financially dependent on each other. This is not always the case of course as each case will be decided on its own facts, however many couples leaving short marriages without dependent children often hope to leave the marriage with what they brought in to it.

Special considerations such as children, special health concerns, disability and any other disadvantage will greatly affect any settlement.

How can I receive more assistance in negotiating a financial settlement on divorce?

For more help and assistance with your divorce why not contact us here at Alun Jones Family Law?

We can help with the initial aspects of your divorce right through to the granting of decree absolute.