There are countless times when people have said to me that their understanding is as soon as two people are together for two years, they are obligated to split their net assets in half if they separate.
Other people have said to me, “I have been dating X for two years so now I am entitled to half of their assets”. There have been others who have said to me, “We are now married so I get 50% of everything Y has”.
The reality is that the family law system is much more complicated than a simple 50%:50% split based on time together or marital status.
An assessment of how parties’ assets are split takes into account a variety of considerations including:-
- How much is in the asset pool;
- What each party contributed to the asset pool (and not only in a financial sense);
- What each party needs going forward.
For more information on the process or to check whether your longstanding belief is accurate do not hesitate to give the team at O’Neill Family Law a call 0746 901 700