However, while a divorce financial settlement calculator may be able to give you a rough idea of what you could expect to receive when you divorce, it is no replacement for advice from an experienced divorce solicitor. Here’s why…
The fundamental problem with a divorce financial settlement calculator is that there are no hard and fast rules which dictate what should happen to a couple’s assets when they divorce.
Every marriage has its own unique set of circumstances and finances and, as such, what is considered to be a fair financial settlement will be different for everyone.
So why can you do a quick ‘google’ and find a divorce financial settlement calculator? Even though there are divorce financial settlement calculators available online, if you read the small print, you will see that they are only designed to give you a rough idea of what to expect.
None of them (or none of the reputable divorce financial settlement calculators) purport to be able to replace the advice of a solicitor. Indeed, many of the divorce financial settlement calculators strongly advise you to seek advice from a divorce solicitor.
Some online divorce financial settlement calculators will only work out what your financial settlement would look like if your assets were to be divided equally between you and your spouse. While this 50:50 split is seen as a starting point, obtaining a fair financial settlement may mean that this equal split may not be appropriate.
A simple divorce financial settlement calculator which only calculates the 50:50 division of assets, may result in a completely inappropriate prediction for some couples.
If a divorcing couple are unable to reach a financial settlement, it may be necessary to ask a court to decide how the assets will be divided upon divorce.
When considering a fair split, the court will take into account a range of factors, called the ‘Section 25’ factors. These are known as such because they come from Section 25 of the Matrimonial Causes Act 1973.
The Section 25 factors include:
• the income and earning capacity of each party
• the standard of living enjoyed by the family before the breakdown of the marriage
• the length of the marriage and the age of both parties
• the contributions which each of the parties has made or is likely in the foreseeable future to make to the welfare of the family
A divorce financial settlement calculator cannot take into account all of these factors and give you an accurate prediction of how a court might decide to divide your assets.
Although a divorce financial settlement calculator can be useful to give you a rough idea of what to expect, they are not designed to give you an accurate prediction of your financial settlement, taking into account all of the Section 25 factors.
Anyone going through a divorce is strongly advised to get independent legal advice from a specialist divorce solicitor, such as Austin Kemp.
Our expert family law solicitors can help you with a range of legal issues relating to fair divorce settlements, including:
For more information call our divorce solicitors on 0845 862 5001 or email email@example.com.
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