One of the most common questions people have at the start of financial remedy proceedings is: what actually counts? Which assets are on the table and which are not? The answer is more nuanced than many people expect.
The starting point, all assets
The starting point in English law is that all assets of both parties are available for consideration by the court, regardless of when they were acquired, whose name they are in or who paid for them. This is called the "full disclosure" principle.
What is typically included
- The family home and any other property
- Savings and investments in either party's name
- Pensions, often the largest single asset and frequently overlooked
- Businesses and business interests
- Income and earning capacity
- Inheritance already received
- Vehicles and valuable personal property
What might be excluded or treated differently
Assets acquired before the marriage, or received as inheritance or gifts during the marriage, may be treated differently, particularly if they have been kept separate. However, the longer the marriage and the greater the financial needs of the other party and any children, the less likely these distinctions are to make a significant difference.
Debts
Debts are also considered, credit cards, loans, mortgages. The court looks at the overall net financial position of each party.