When determining the appropriate financial remedy orders during a divorce, several key factors need to be considered by the court:-
1. Financial Needs: Each partner’s financial needs and obligations must be assessed, including housing, childcare, living expenses, and any debts or liabilities
2. Income and Earning Capacity: The current and potential future income and earning capacity of each partner should be evaluated. This includes examining their education, skills, work history, and health that might impact their ability to generate income.
3. Contributions: The respective contributions of each partner throughout the marriage, both financial and non-financial, should be taken into account. This could include factors like caring for children, contributing towards household expenses, or supporting a spouse’s career.
4. Standard of Living: The standard of living enjoyed by both partners during the marriage is an important consideration. The court may seek to maintain a similar lifestyle for both parties, especially if there are children involved.
5. Length of Marriage: The duration of the marriage is a significant factor. Generally, longer marriages may result in a more equal division of assets and financial support compared to shorter marriages.
6. Age and Health: The age and health of each partner are relevant factors. Older or less healthy spouses may require greater financial support, especially if they have reduced earning potential.
7. Childcare Responsibilities: The care of any dependent children is crucial in determining financial remedy orders. The needs of the children, including their education, housing, and general well-being, should be considered.
8. Property and Assets: All of the couple’s properties, assets, savings, investments, and pensions must be evaluated. This includes both marital and non-marital assets, as well as any hidden assets.
9. Financial Independence: Encouraging financial independence of both parties is often considered a desirable outcome. The court may assess the ability of each spouse to become self-sufficient in the future and may award maintenance for a limited period to support this transition.
10. Fairness and Equality: Finally, the court aims to achieve an outcome that is fair and equal for both parties, taking into account all the circumstances of the case. This typically involves providing reasonable financial support to the economically weaker spouse without causing undue hardship to the other party