How are assets acquired during the marriage divided? What if one party contributed more money than the other in acquiring the assets?
The court will strive to make a fair and equitable division of the assets or the proceeds of sale of such assets, taking into account:
- The extent of the contributions made by each party in money, property or work towards the acquiring of the assets;
- Any debts owing by either party which were contracted for their joint benefit; and
- The needs of the minor children, if any, of the marriage
Subject to the considerations above, the Court would be inclined towards the equality of division.
However where the assets are acquired by the sole effort of one party to the marriage, the Court will have regard to the extent of the contributions made by the other party who did not acquire the assets to the welfare of the family by looking after the home or caring for the family, as well as the needs of the children, but in any event, the party by whose efforts the assets were acquired shall receive a greater proportion. You may wish to seek advice as to how you may have a say in the division of property between you and your spouse, without having to leave it up to a Court. As the costs involved in Mediation are substantially less than the legal costs payable in contentious divorces, the depletion of joint assets to pay off these costs would also be significantly less.