Matrimonial assets refer to money, property and possessions accumulated during your marriage, which you may have to share with your spouse if you divorce. Courts divide marital property fairly, but not always equally, based on financial and non-financial contributions to the marriage by each party.
What are Matrimonial Assets?
Matrimonial assets are the joint or individual resources accumulated during a marriage that may be shared when the marriage ends. Courts aim to divide them fairly, often considering both parties’ financial condition and contributions
What is included in matrimonial assets?
Family home, savings, pensions, investments, and any other property owned by the couple during marriage are usually included in matrimonial assets. Items acquired before marriage can also be included if they were used by or for the benefit of both parties during marriage.
Are gifts/inheritances considered as matrimonial assets?
Gifts/inheritances that are kept separate from joint assets are typically not considered matrimonial assets. However, if they are mixed with joint assets or used for the benefit of the family, they may become matrimonial assets.
How do you split matrimonial assets?
The court divides assets fairly, considering contributions, financial needs, and the welfare of any children. The division may not always be equal, but it seeks fairness for both parties.
Do matrimonial debts count as well?
Yes. Matrimonial debts include any joint debts accrued during the marriage, such as mortgages, loans, and credit card debts. These are also considered when dividing matrimonial assets.
Does the length of the marriage affect asset division?
Yes. Generally, longer marriages typically lead to a more equal division of assets, whereas Short marriages may see a more proportionate split based on contributions.
Can a prenuptial agreement alter how matrimonial assets are split?
Yes – if the court upholds a prenuptial agreement, this can impact how assets are divided on divorce. However, the court can still order a division it deems fair or appropriate for children.
Is my pension included in matrimonial assets?
Yes – pensions accrued during marriage are considered matrimonial assets. They can be divided between spouses on divorce, through pension offsetting or pension sharing orders.
How do I stop my personal belongings from becoming matrimonial assets?
Proper documentation that assets were acquired before marriage and not commingled with marital finances can help. A prenuptial agreement may also offer protection.