Section 25 of the Matrimonial Causes Act sets out guidance for the division of assets during a divorce. These are often updated and amended, so it is important to use the services of family law barristers in North Wales to interpret and carry out appropriate instructions.
Many decisions about assets are discretionary and are based on several factors. These could include the individual incomes of those involved and potential for any future earnings. Quite often, the overall finances of the family and current living standards are also taken into account, as well as who will be the primary carer for the children.
There are other issues which may be considered when the courts are looking into the division of assets such as any mental or physical disabilities and the capacity of those involved in the divorce. Doctors or mental health specialists may be called in to submit statements or medical records.
Another important factor which affects divorce settlements is the behaviour of each party involved. This could, for instance, include the financial misconduct of one or both individuals. Gambling with savings or with other assets is generally deemed to be unacceptable behaviour. Personal behaviour is also often taken into account by the courts, especially when it includes illegal activities such as domestic abuse or drug abuse. Solicitors in Bangor can provide support to deal with the issues which may arise from divorce.
Make sure to contact us here at Bennett Smith Solicitors today and ask us to discuss your issues to family law and divorce.
