When looking at financial settlements, what is fair?
In the fifth of our short films we look at financial settlements and what would be considered fair.
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In every case the Court will look at all the relevant circumstances and take into account a particular number of factors, known as the Section 25 Factors. These include the length of the marriage, the age of the parties, each party’s income and earning capacity, their resources and their needs. In every case the Courts first consideration is the welfare of the children. The aim is to achieve a fair outcome. We are all, of course, going to have a different idea of what is fair. From the Courts perspective however, there should be an equal division of the resources unless there is a good reason. Quite often there is a good reason to depart from equality, for example a differential in the parties income or the need to house children.
Each case in unique and therefore whilst the section 25 factors are quite general, effectively each case turns on its own facts. It is important to note that what a friend or neighbour received in their divorce settlement may be different to your outcome, as the facts may be very different. It is essential to get independent legal advice in relation to your own particular circumstances because each case is so fact specific.