Once you or your spouse have decided that your marriage is over and that divorce is inevitable, the next question tends to how do we divide our finances? Whilst the media is full of reports of the rich and famous getting divorced and dividing multiple properties, the question can be much more difficult for most people where they may only have 1 property and perhaps some savings and a pensions to divide between them. in most cases a delicate balancing act is required to deal with how the finances are divided for most couples.
At present, the key to considering how the financial matters are dealt with is governed by the Matrimonial Causes Act 1973, with the provisions being generally mirrored in the Civil Partnership Act 2004, meaning that the law dealing with finances is now 50 years old.
The Law Commission of England & Wales recently announced that they reviewing the laws to determine how finances are divided amongst couples after divorce with a view to considering whether there is a potential to reform certain areas or whether the current law is working well.
It is hoped that the Law Commission will publish a report in September 2024 considering the law and any changes that may be necessary. The hope is that a review will consider how to minimise conflict in this area, especially as this is a hugely important area for most couples divorcing and their children.
Many people still do not realise that the financial claims that arise due to their marriage on divorce continue even after a divorce has been finalised unless brought to an end by court order or, in certain circumstances, the applicant’s remarriage or death, though certain claims may still be made in these instances.
As members of Resolution our family team are committed to aiding people deal with their divorce as amicably as possible and aim to provide practical and sensible advice in this area. There are many options to dealing with the financial claims but it is vital that legal advice is sought in this area to ensure that an appropriate agreement is reached.
How can we help?
We ensure we keep up to date with any changes in legislation and case law so that we are always best placed to advise you properly. If you would like to discuss any aspect of your case, please contact our team of criminal defence specialists on: 01376 511819