I am often approached by clients who are worried about assets that are in the name of one spouse. The concern is clear and understandable: will there be financial ramifications if we get divorced?

If you find that you and your spouse develop irreconcilable differences, it would be sensible to review your sole and joint assets as part of a process of resolution of thinking about how you might divide things, to ensure that your financial position will be secure following divorce.

The question of assets being in one party’s sole name, was at the forefront of my thought process as I was recently asked by The Financial Times to answer a question from a reader who is married to a footballer and worried because a divorce is in the offing. The family home is in her husband’s name, which can feel particularly overwhelming when children are involved, as very often two separate family homes become necessary. However, I can reassure people in this position that under English law, whether assets are held in the name of one spouse or both spouses is often not the key factor; what is more relevant is whether the assets were generated during the marriage or not.

However, it got me thinking that a quick overview of how assets should be treated in a divorce would probably be a useful resource to have, for those facing the prospect of separation and divorce.

1. The first legal requirement is to

work out what everyone’s “needs” are. This can be tricky to put a figure on because often there is no excess remaining following the needs of all parties being met.

2. Where an excess does exist, the allocation of assets can become more complicated. The law states that it can be fair to treat different assets in different ways, for example by sharing assets that were generated during the marriage but leaving one party with the assets which they brought into the marriage. Crucially, this is investigated on a case-by-case basis.

3. Measures can be taken to protect a spouse’s beneficial interest in the family home despite not being named on the title deeds. This is essential because the other spouse has the power to remortgage or even sell the property without notifying their spouse. A home rights notice can be registered against the property, which can protect against this.

4. Matrimonial assets and non-matrimonial assets should be treated differently, the latter of which are financial assets acquired either before the marriage or, in some cases, following the breakdown of the marriage. Certain categories of assets, like inheritance when it has been kept separate to matrimonial assets, can also be classed as non-matrimonial if they were received during the marriage.

5. An agreement about how finances should be divided up should be drawn up into a consent order, on divorce. The hope is that each party received a fair and reasonable share of the assets acquired in the marriage whilst focussing on ensuring that each meet reasonable financial needs moving forward also. If this cannot be agreed, the Court process can be initiated and the above will be the approach the Court is likely to take.