How Many Assets Are You Entitled to After a Divorce?

Breen Walsh Solicitors

Ireland records a lower annual divorce rate, sharing the spot with Qatar, Guatemala, Peru and Malta. Only 0.6 divorce cases occur per 1000 people in the country. Unfortunately or fortunately, you could be one of those cases. So it’s crucial to know how many assets the two individuals involved in separation or divorce are entitled to, as it’s their right to be adequately provided for, to start their life afresh.

Sadly, the breakdown of marriage is followed by complex procedures, as variables engaged in such cases are plenty. Today, the article shall provide a glimpse of the process. Without further ado, let’s begin.

Division of Assets Between Spouses Following a Divorce or Separation

Family law solicitors in Cork usually recommend all to dive into an individual situation and check the case from a judge’s point of view. If you do so, you will find the process to initiate with a gathering of financial information of everything that a couple, going for divorce or separation, owns. That includes examining the income and expenditure of the couple. The details are readily available from bank statements, folio number, P60, and pension scheme details. Together, they constitute the family “pot”. The Court would then divide that “pot” based on the evidence of income and assets of each party. The spousal behavior would hardly make a difference to the Judge’s decision as Ireland practices a “no-fault divorce system”.

What About the Family Home When Children Are Involved?

This is probably the most asked question, and no matter how simple the question appears, the answer is bang opposite. The involvement of multiple factors such as children’s age, personal assets of each person, equity at home, age of the spouses, and the ability to raise a mortgage complicate the matter.

However, if you are still looking for a straightforward answer, usually, the Court never orders the sale of the house as long as the parties have children. Only if they reach the age of 18 can the house be sold off. A very common real-world issue is when one of the spouses inherits money or is due so in the future. The question is – will this be added to the pot? There is no definite answer and it ultimately boils down to negotiation between the solicitors representing the parties in the Court of Law. The decision of the Judge is final when none of the parties agrees.

Is the Settlement Between the Parties a Happy Ending?

It’s rarely one. Each spouse looks at the matter from one’s point of view. While one grows anxious after realizing the uncertainty of the future, knowing that the primary source of income would stop flowing into the family budget, the other spouse worries about buying a new house with adequate rooms to meet the family’s space requirements.

A word of advice for all couples planning a divorce is to hire a financial advisor to understand the dynamics of their financial situation. They would eventually recognize that the division of assets is not as simple as it appears from the outset. On realizing so, they must then seek the advice of family law solicitors in Cork city.

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Author Bio:

Legal aspects are a strong point of this writer as she has connections with some of the most reputed solicitors in Cork city. Her impeccable understanding of legal terms and the ability to articulate them in simple terms are what readers find attractive and flock to her articles, blog posts, and PRs.

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