In April 2022, when the Divorce, Dissolution and Separation Act took effect, UK divorce law underwent its most significant shakeup in 50 years with the introduction of the ‘no fault divorce’. Prior to the reforms, couples had to show that their case fell within one of the recognised grounds of divorce to legally end their marriage. One of those grounds was that they had been separated for more than five years. Following the changes, however, couples no longer have to rely on a specific ground for divorce; they need only confirm that their marriage has irretrievably broken down. Accordingly, since April 2022, the process for obtaining a financial settlement after 5 years separation has been the same as for financial settlements reached under any other circumstances.
Our family law solicitors are experts in securing favourable financial settlements after 5 years separation, and in all other circumstances, for our clients. We always employ the least acrimonious method of dispute resolution appropriate to the couple’s situation in a bid to reduce costs, preserve important relationships, and minimise the emotional toll the separation takes on the parties and their family.
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Which Assets Are Included In A Financial Settlement After 5 Years Separation?
Reaching a financial settlement can be one of the most challenging aspects of a divorce or civil partnership dissolution. The issues can be even more complex when the parties have been separated for some time before their divorce is finalised and have acquired additional assets during that period.
Before a financial settlement can be reached after 5 years separation, it is crucial to establish the date on which the couple separated and the date on which the relationship was legally ended through divorce or civil partnership dissolution. This distinction is of paramount importance due to the significant impact it has on how the court will treat the assets acquired during the respective periods.
As a general rule, the courts only include those assets that the parties acquired during their marriage as a result of their joint efforts in the financial settlement. These assets are referred to as ‘matrimonial property’. All other assets are referred to as ‘non-matrimonial property’. For the purposes of establishing which of the parties’ assets are ‘matrimonial property’, the key date is usually when the parties first separated as opposed to when their divorce or civil partnership dissolution is finalised.
Accordingly, assets acquired by a party before their marriage or civil partnership, or after it ends, are classed as non-matrimonial property and are not generally included in the pot to be shared between the couple in the financial settlement. The same rule applies to those assets that were not acquired through the parties’ joint efforts, such as gifts or inheritance.
However, it is important to understand that these are general rules, and a court may deviate from them should it consider it necessary to do so. For example, if the matrimonial property does not adequately meet the financial needs of both parties, the judge may deploy the non-matrimonial property owned by one party them to ensure a fair outcome.
What Happens If A Couple’s Joint Assets Have Increased In Value Before A Financial Settlement After 5 Years Separation Is Reached?
Financial settlements can be significantly complicated when a joint asset increases in value in the period between separation and divorce. Whilst the asset itself would be classed as ‘matrimonial property’, if one party was primarily responsible for the increase in value after the separation, the court must decide how much of its current value to class as matrimonial property. In some cases, the court has decided cases of this nature on a percentage basis, awarding the partner responsible for the increase a greater share of the additional value.
How Our Family Law Solicitors Can Assist You In Reaching A Financial Settlement After 5 Years separation
Our family law solicitors routinely use a variety of methods to assist our clients in resolving the financial issues arising from their divorce or civil partnership dissolution. Whilst we have vast experience in family law litigation, we view court proceedings as a last resort and prefer to use alternative dispute resolution methods, such as mediation, early neutral evaluation, arbitration, and the collaborative family law process, to reach a financial settlement. These methods can facilitate swifter and cheaper resolutions and are usually far less stressful than court proceedings. We will talk you through the appropriate options and explain the advantages and disadvantages of each. We will help you to decide which method is the most suitable for your situation and, once you have made your decision, guide you through the process with the utmost care and empathy.
Please call us now on 01603 672222 for a no-obligation conversation today or Click Here To Make An Online Enquiry.
“In all the years we have had to deal with solicitors we have never come across anyone so nice and genuine as Victoria. Her personality, and empathy she has is outstanding. Victoria is a credit to her profession, and finally, if Andy and I can just say, that, if there were more people like Victoria in the world it would be a much nicer place to live in!”
