60/40 Split Divorce UK
If you have been offered a 60/40 split of the assets as your divorce financial settlement, you may be debating whether to accept the offer. Whether you have had an offer, are just starting the divorce process or are looking to split your finances, our family law team are on hand to help you reach a fair financial settlement.
In some family situations, a 60/40 split of the finances may be fair, and in others, it might be grossly unfair.
When our family law solicitors have helped you reach settlement figure, we can make sure your agreement is converted into a binding financial court order to give you financial security and peace of mind.
This summary provides general information and does not constitute legal advice on any individual circumstances.
For an initial discussion and a no-obligation quote, get in touch with us today by simply calling us on 01234 343134 or email us at firstname.lastname@example.org and a member of our team will get back to you.
What Does a 60/40 Split Divorce Mean?
If you are offered a 60/40 split of the assets as a divorce financial settlement, then your family solicitors will want to know what that means, to protect your interests and to make sure that you get a fair financial settlement that meets your short-term and long-term needs.
Questions about a 60/40 Divorce Split
If you are offered a percentage split of assets, then your family solicitors will want to know:
- What assets have been included when calculating the total amount of assets that are available to be shared? Is the list of assets taken into account complete or are some assets missing?
- Have assets been valued by an expert? You may be satisfied with an agreed estimated value on the family home but is it up to date? If your spouse owns a business has the business been valued on an asset basis by the company accountant or have the goodwill value and PE ratios been assessed by a forensic accountant? Would an independent valuation be fairer?
- Have any assets been excluded? Sometimes a spouse will say that an asset is a ‘non-family’ or ‘non-matrimonial asset’ and therefore should not be included in the asset pot. For example, shares in a family business or a property owned before marriage. This may not be correct. If an asset should be treated as a family asset this will increase your 60/40 split
- Have all pensions been included? A husband or wife may tell you pensions are irrelevant as you have only been married for a short period, or that your pensions will have a similar value to theirs so can be excluded, or that it is too difficult or expensive to share pensions. None of these arguments may be relevant to your situation. For example, pensions are important even if you have only been married a year if you moved seamlessly from a long cohabiting relationship with your partner to marriage.
- Is there a reason to depart from an equal split? If you have been married for a long time is there a valid reason why you and your spouse should not each get half the assets? For example, did a prenuptial agreement say that you would only get 40%?
- Does a 60/40 split meet your reasonable needs? Your reasonable needs will be looked at taking into account the housing needs of any children and the standard of living enjoyed during the marriage. Your needs do not just include housing but the need for transport or retirement provision through a pension sharing order.
- What is covered in the 60/40 split? If you are agreeing to a 60% split but part of the deal is that your spouse will not pay you spousal maintenance, then your agreement may not be fair if you are potentially entitled to long-term spousal maintenance due to your age or limited earnings capacity.
Amicable 60/40 Divorce Splits
There are many situations where a 60/40 divorce split is fair to both husband and wife, but family law solicitors will want to check that is the case for your individual circumstances. If you have reached a fair and amicable 60/40 divorce financial settlement our family law solicitors can help you convert your agreement into a binding financial court order as part of your no-fault divorce proceedings.
How Can Fullers Help?
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For an initial discussion and a no-obligation quote, get in touch with us today by simply calling us on 01234 343134, filling in the contact form below, or emailing us at email@example.com and a member of our team will get back to you.