Welcome to Wiki - the site is a great source of information, advice and support.
There are many of us who reside in Scotland, and are currently going through the divorce procedure under Scots law, so i am sure that you will find the help and advice from us useful.
You will find that Scots divorce law is very different to English Div law - it is far isimpler for a start. All finacial aspects are sorted out prior to the actual divorce. A separation, agreement can be drawn up, which details all the divsion of assets and alinment (spousal maintence), I am not clear on how it deals with the issue of children as that is not relevent to my own case, so I dont want to give you duff info on that issue! Once the sep agreement has been drawn up and signed by both parties, you may (if your x2b is in agreement) petion for divorce 12 months following separation, otherwise it will be 24 months before you can do that.
The law says that when a married couple get divorced the matrimonial property should be shared fairly between them. When a divorce action is raised, either party can ask the court for orders to achieve this fair sharing. This could be payment of a sum of money known as a capital sum, a transfer of property such as the
matrimonial home, or a
pension share
What is the matrimonial property?
This comprises all assets owned by a couple, whether individually or jointly, at the date of separation, which have been acquired during the marriage other than by way of gift or succession from a third party. So anything which you owned before the marriage or which you acquired after the date of separation is not included. However, a house or household furnishings acquired by one or both of you before the marriage may, in certain circumstances, be included.
How are these assets shared?
The sharing exercise involves five steps:-
Establishing the date of separation
The date of separation is the date on which husband and wife start to live apart from each other.
Establishing what assets were in existence at that time
These usually include a house, furniture and furnishings, a car, endowment policies, other forms of investment and pension rights. Any outstanding liabilities (mortgage, car finance, personal loans, credit card debts etc) have to be deducted to produce a total net value as at the date of separation.
Establishing which of those assets form part of the matrimonial property
This step involves looking at the individual assets and seeing the circumstances in which they were acquired, for example whether they were
owned by either party before the marriage or were gifted or inherited.
Establishing the value of those assets as at the date of separation
Most assets can be valued fairly easily, for example a house by a Chartered Surveyor, an endowment policy by asking the insurance company for a surrender value, etc.
Special rules apply to endowment policies and pensions. If the policy or pension started before the marriage, the separation date value will have to be apportioned.
Sharing those assets “fairly”
The law says that these should be shared equally unless there are “special circumstances“. This might be where an asset was acquired using inherited money.
What if there are assets which are not matrimonial property?
These don't have to be shared, but they are resources which can be taken into account, as any award made by the court must be “reasonable having regard to the resources of the parties.”
Hope this helps.
Ruby