In Scotland, only investments or savings built up from the date of marriage to the date of separation are taken into account as “matrimonial property”.
However, any increase in the value of investments or savings spouses had the marriage could be taken into account in some circumstances.This can be a complicated area.
Investments and savings are treated as part of the overall financial picture for divorce purposes. However, the courts will take into account the source of savings and investments. For example, a wife may have inherited money before getting married which is then added to during the marriage. Or one spouse may have owned a property before getting married, that property is then sold and the sale proceeds then used to buy another property which becomes the matrimonial home. These are relevant circumstances in arguing that investments and savings should not simply be divided equally.
It is also important to remember that the date of separation operates is a cut-off date. Investments or savings acquired or increased after the date of separation will generally be disregarded.
Generally, the law stipulates that all matrimonial property is to be divided fairly. In the absence of exceptional circumstances, fairly will usually mean equally.
So far as savings and investments are concerned, these can also be subject to a court order requiring they be transferred rather than factored into an overall settlement. That means for example shares can be subject to an order for transfer.
So far as ISAs are concerned, these can only be held in one person’s name (and not jointly). If it’s agreed that one spouse should receive all or a portion of the other’s ISA, then the money has to be withdrawn and paid over. It’s not possible for example to make a payment direct from one spouse’s ISA to the other spouse’s ISA.
Contact our Family Law Solicitors Glasgow, Scotland for Savings Advice
For free initial confidential advice on any Family Law issue, don’t delay in contacting our expert Family Law specialists. We cover Glasgow, Lanarkshire, Dunbartonshire, Renfrewshire, East Renfrewshire, North Ayrshire, South Ayrshire and all areas of Scotland. Call us on 07812000554 or fill out our online form and we will call you back shortly.