In divorce proceedings, alongside other factors, the court carefully considers the age of each party and the length of the marriage when deciding how to divide assets. This is outlined in Section 25 of the Matrimonial Causes Act 1973.
Why are Age and Duration Important?
• Age: A younger spouse may have a greater earning capacity and more time to build assets after the divorce. An older spouse might face challenges re-entering the workforce and have fewer years to accumulate retirement savings.
• Duration: Longer marriages often involve a greater degree of financial interdependence and shared contributions. Shorter marriages may see a focus on returning each party to their pre-marital financial position.
How the Court Considers These Factors:
• Long Marriages: Typically lead to a more equal division of assets, recognizing the shared life and contributions of both parties.
• Short Marriages: The court might aim to restore each party to the financial position they were in before the marriage, unless there are children involved or one party has significantly disadvantaged themselves for the benefit of the family.
• Age and Earning Capacity: The court assesses the potential for each party to earn a living. A younger spouse with a strong career trajectory might receive less in the settlement than an older spouse with limited earning potential.
• Pensions: The length of the marriage significantly impacts how pensions are divided. A longer marriage usually means a larger share of the pension for the non-pension holding spouse.