Assets acquired during the marriage

Assets acquired during the marriageinclude all manner of contributions including:

• all those listed above
• wages and salaries
• the contribution of a stay at home, primary parent. The Court, as a general rule, values the contribution of stay-at-home parents in the same way it would the parent who works fulltime and contributes a wage. These contributes are generally considered equal
• contributions made towards the maintenance, renovation or improvement made to property
• business ventures and investments

If a settlement is reached shortly after the separation, contributions made following the separation may not be significant. However, if settlement is a considerable time after the separation, they may become relevant. If one spouse is left to draw on assets to support children, if one person fails to meet obligations to support the children these may be considered negative contributions and considered in assessing entitlements. Mortgage and rent, property improvements may be considered, as can redundancy, compensation payments, inheritance or other lump some receipts.

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Further to these considerations there are also adjustments made for each person’s interest. Considerations under Section 75(2) include:

• the age and health of the parties
• the duty of each spouse to support the children or other family members
• the capacity for each party to earn an income
• financial resources available to both parties

For example, where there are children, the primary care giver may not have the same capacity to earn an income the same as the other party, so consideration will be made for this and financial adjustments made accordingly.

Every situation is assessed individually and every set of circumstances is different. Initial contributions, assets acquired during the marriage and after the separation, and considerations under Section 75(2) will be different in every marriage.

It is important that you talk to your solicitor. it is easy to overlook different assets, or to fail to recognise the importance of a particular responsibility or right. Having an objective profession there through the process can help you to ensure that your divorce addresses all aspects of the assets and your entitlements to those assets.