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How Are Assets Divided in a Divorce Scotland?

June 3, 2024 Family Law

An asset is a valuable possession that can be converted into money. This could be your house, your car or even pieces of furniture. Assets can be individually owned, or they might be shared with someone like your spouse.

When going through a divorce, dividing these assets can be challenging. It is important you and your ex-spouse approach this division process with fairness and consideration to make sure both parties are left satisfied with the outcome.

In this blog we aim to provide you with information to help you get through the complexities involved in asset division during a divorce. At Jones Whyte, our divorce lawyers aim to make this process as smooth as possible.

List of contents 

• How should your assets be divided?

• Factors you should consider when dividing assets

• What will happen to your house in a divorce?

• Challenges you could potentially face

• How to achieve fair asset distribution

• Importance of legal guidance in asset division

• FAQ’s

How should your assets be divided?  

When going through a divorce, it’s essential to divide your assets fairly between you and your ex-spouse. Fair division does not necessarily mean you will receive equal amounts, it’s more about assessing each person’ s unique circumstances and determining what is equitable. Therefore, all relevant factors must be considered.

The financial settlement should address the needs of each ex-spouse, and any children involved. Typically, court action is not necessary at this stage, and the couple can reach an agreement by being civil with one another. At this stage it is important to speak with our divorce lawyers to discuss the action you would like to take.

Factors you should consider when dividing assets 

If neither party can agree on the division of assets, you may need to take this to court to be resolved. In such a case, several factors will need to be reviewed, though these may vary. Common factors include:

  • • Financial position of both parties
  • • Earnings
  • • Length of the marriage
  • • The existence of a prenuptial or postnuptial agreement
  • • Any physical or mental disability that could impact how much one of the parties earns

Taking these factors into account can ensure that there is a fair outcome which meets the needs of both parties.

What will happen to your house in a divorce? 

When you’re going through a divorce you and your ex-spouse will need to agree on what to do with your shared home. If both parties decide to move out, you can sell the property and divide the profits. However, if one of you wishes to remain in the home, it is possible to buy the other out. Alternatively, if you would prefer to leave and your ex-spouse wants to stay, you can sell them your share.

If you’re both finding it challenging to reach an agreement or you would like more information, schedule a confidential consultation with one of our divorce lawyers at Jones Whyte. Our team will be more than happy to provide you with guidance on the steps you should take. They are known for their innovative approach to finding the right solutions for our clients. Seek legal advice today.

Challenges you could potentially face

Splitting assets can be challenging during the divorce process due to potential disagreements over which assets are considered marital property and non-marital property. It is even more complicated if you have an emotional attachment to certain items, which could cause disputes when deciding who will keep them.

This process is never easy and requires both you and your ex-spouse to carefully consider your options and make thoughtful decisions.

How to achieve fair asset distribution  

It is crucial you both work together to ensure a fair distribution of assets during a divorce. Open communication and negotiation are pivotal in ensuring both parties are satisfied with the outcome.

Our divorce lawyers are highly experienced and skilled in handling the splitting of assets. We have successfully managed numerous cases involving a wide range of matrimonial assets, including those with assets worth millions of pounds.

Importance of legal guidance in asset division 

Seeking legal guidance is advantageous if you’re going through a divorce. A knowledgeable lawyer can provide you with invaluable support, making sure you’re not taken advantage of and that any financial settlement reached is truly in your best interest. On top of that, having a divorce lawyer can alleviate the pressure of this challenging situation, enabling you to focus on yourself and pave the way for your future.

Our divorce lawyers at Jones Whyte believe in a collaborative approach and aim to reach an agreement that benefits all parties. If this is not possible and court action is needed, you will find that our team of specialist are tough and experienced litigators. Morven Douglas was accredited as a Family Law Mediator in 2022 and represents clients in various Sheriff Courts across Scotland.

Frequently Asked Questions

Who decides how assets are divided in a divorce? 

You and your ex-spouse will need to decide how the assets are divided. However, if both parties are having trouble deciding how the assets will be split, the court will decide for you. The court will make sure the assets are split fairly.

Are assets split 50/50 

Assets are not always split 50/50. However, the court will make sure that they are split to meet both parties’ needs.

How do I make a financial agreement when going through a divorce?

Reach out to our divorce lawyers who will be able to provide you with advice in regard to your financial agreement.

What if children are involved?

If children are involved in a divorce, it is important that their financial needs are made a top priority. To find out about the key financial resources that need to be factored into the settlement get in touch with our team today.

To find out more about our divorce lawyers, visit our divorce family page here.

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