Category

financial

Specialist family courts being piloted for financial matters

By | financial, Law news, News | No Comments

You may well have seen recent reports in the newspapers on plans to open specialist family courts to deal with the ‘super-wealthy’ battling over their finances following relationship breakdown. These headlines and articles have been somewhat misleading. It is true that the President of the Family Division, Sir James Munby, did circulate a statement on Friday 8th December, six months after declaring that the time had come to ‘de-link’ applications for divorce (decree nisi / decree absolute) from financial proceedings, indicating that there will be a pilot of a specialist court dealing solely with finances following the breakdown of a marriage….

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Equity vs equality – the sharing principle and fairness in short marriages

By | divorce, financial, News, the family courts | No Comments

This week we thought we’d look at the application of the ‘sharing principle’ following an interesting development in the law in the reported decision of Mr and Mrs Sharp. The case involves a couple in their mid-40s, worth around £6.9M. They did not have any children. The wealth was largely generated through substantial bonuses paid to the wife during the marriage. At the outset of their relationship the couple earned relatively similar amounts (c.£100k p.a.) and later, the wife received bonuses totalling c.£10.5M over the course of their 6 year marriage (including 18 months of pre-marital cohabitation). As is commonly…

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My spouse owns a business – what is it worth?

By | collaborative law, financial | No Comments

When looking at an overall division of finances on divorce, the first step is to understand what resources there are. One of the issues faced by separating couples is how and when a business owned by either of them comes into play.  We at CFLP are experts in assessing the importance of business interests on divorce. Working out how much a business is worth, if it is worth anything at all, can be especially challenging for those who are not involved in running the business. First and foremost, it is crucial to understand the nature of the business. Is it:…

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Maintenance matters

By | financial, Law news | No Comments

This week, we thought we’d focus on a difference of opinion on a matter of family law that has come to light between a couple of our elder statespeople in family law. On one side, we have Baroness Deech, a former barrister and crossbench peer in the House of Lords who led the second reading of her new Divorce (Financial Provision) Bill at the end of January this year, and on the other we have Lord Wilson of Culworth, a Justice of the Supreme Court and author of some of the most notable legal decisions in family law over the…

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