- The quicker you reach an agreement when divorcing, the lower the legal fees
- Make sure that you include all pensions in the valuation process
Roughly a third of marriages in the UK over the past half century have ended in divorce. The proportion of divorces in the under 45 age group has been trending down over the past three decades, but more and more people have been separating in later life. The financial implications of divorce can be huge but, with careful management, both parties can save a significant amount of money.
When you get divorced the courts can order a transfer of wealth between separating parties. It is generally accepted that all assets accrued during the marriage should be split 50:50, unless there is a reason not to, such as a specific financial need. If one person had a large amount of money coming into the marriage, it can be argued that externally sourced pre-marriage money should be ringfenced.