Financial provision on divorce, etc.
10 Sharing of value of matrimonial property.
1
2
The net value of the F12... property shall be the value of the property at the relevant date after deduction of any debts incurred by F13one or both of the parties to the marriage or as the case may be of the partners —
a
before the marriage so far as they relate to the matrimonial property F14or before the registration of the partnership so far as they relate to the partnership property, and
b
during the marriage F15or partnership,
which are outstanding at that date.
3
In this section “the relevant date” means whichever is the earlier of—
a
subject to subsection (7) below, the date on which the F16persons ceased to cohabit;
b
the date of service of the summons in the action for divorce F17or for dissolution of the civil partnership.
4
Subject to subsection (5) below, in this section and in section 11 of this Act “the matrimonial property” means all the property belonging to the parties or either of them at the relevant date which was acquired by them or him (otherwise than by way of gift or succession from a third party)—
a
before the marriage for use by them as a family home or as furniture or plenishings for such home; or
b
during the marriage but before the relevant date.
F94A
Subject to subsection (5) below, in this section and in section 11 of this Act “the partnership property” means all the property belonging to the partners or either of them at the relevant date which was acquired by them or by one of them (otherwise than by way of gift or succession from a third party)—
a
before the registration of the partnership for use by them as a family home or as furniture or plenishings for such a home, or
b
during the partnership but before the relevant date.
5
The proportion of any rights or interests of either F18person
b
which is referable to the period to which subsection (4)(b) above refers shall be taken to form part of the matrimonial property F19or partnership property.
6
In subsection (1) above “special circumstances”, without prejudice to the generality of the words, may include—
a
b
c
any destruction, dissipation or alienation of property by either F24person;
d
e
the actual or prospective liability for any expenses of valuation or transfer of property in connection with the divorce F27or the dissolution of the civil partnership.
7
For the purposes of subsection (3) above no account shall be taken of any cessation of cohabitation where the F28persons thereafter resumed cohabitation, except where the F28persons ceased to cohabit for a continuous period of 90 days or more before resuming cohabitation for a period or periods of less than 90 days in all.
F4F58
The Secretary of State may by regulations make provision about calculation and verification in relation to the valuation for the purposes of this Act of benefits under a pension arrangement or relevant state scheme rights.
F68A
Regulations under subsection (8) above may include—
a
provision for calculation or verification in accordance with guidance from time to time prepared by a prescribed person; and
b
provision by reference to regulations under section 30 or 49(4) of the Welfare Reform and Pensions Act 1999.
9
Regulations under subsection (8) above F7may make different provision for different purposes and shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.
F810
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F811
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .