The court has wide discretion when considering financial claims after divorce and there is no set formula or calculation to assist. The court will decide what happens to the assets on a case by case basis with regard to the individual circumstances, applying statute and principles which have developed though case law.
There are certain factors which the court will apply when considering an application for financial remedy. These include the age and health of the parties, length of the marriage, your standard of living, income, earning capacity, financial resources, needs, obligations and responsibilities.
If, as in many cases, the assets do not exceed the requirements of the parties and any children then “needs” will be the determining factor. The needs of the children will be given priority and the court may have to divide assets that are non-matrimonial in order to meet their needs, the court will be striving for equality and for fairness but sometimes these have to become secondary considerations because there are insufficient assets for both parties to be suitably re-housed.
If the needs of the children and each of the parties can be met, however, then other arguments will be considered such as assets having been brought into the marriage by one party alone or contributions to the family wealth due to some exceptional talent or business acumen.