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But How Much Do You Really Need?

Often one of the first questions asked by new clients who are going through a breakdown of their marriage is how much are they likely to receive for their financial settlement at the conclusion of the divorce.

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Unfortunately, there is no exact science or one rule fits all, as to how the court will divide matrimonial assets within a divorce. In fact, although the court endeavours to achieve a fair settlement, quite often this is cannot be achieved by simply sharing the assets out equally between the spouses.

It is also often the case that the available assets do not exceed (or even meet) both of the parties’ needs and in such circumstances the court will have to assess what those needs are and how best they can be met. In 2014 a report undertaken by the Law Commission expressed concern that there was evidence of ‘significant regional difference’ in how a party’s ‘needs’ were assessed and treated.

To combat the above concerns reported, the Family Justice Council has recently published their second edition, ‘Guidance on “Financial Needs” on Divorce’. This helpful guide provides not only a succinct summary of the relevant and forever evolving area of law, but also provides example case studies. The first edition was praised by judges and practitioners alike for its usefulness and it is hoped the second edition will be just as popular.

To view the Guidance on "Financial Needs" on Divorce, click here

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