Category

financial

Early legal advice helps resolve legal problems sooner

By | financial, Law news, the family courts | No Comments

Research conducted for the Law Society by Ipsos MORI shows a clear statistical link between seeking early legal advice and resolving legal problems sooner. “Without early advice, relatively minor legal problems can escalate, creating health, social and financial problems, placing additional pressure and cost on already stretched public services,” said Law Society vice president, Christina Blacklaws. Early legal advice, defined as ‘within 3 months of the issue first occurring’, helps people to identify solutions– meaning simple issues do not needlessly spiral or end up in court, bringing unnecessary costs to the taxpayer. Professional legal advice is defined as advice from…

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It’s snowing! Let’s talk about Freezing Orders…

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

Most separating couples will sort out the fair division of their assets on divorce by agreement however this is not always the case for everyone. Unfortunately, there are situations where an individual considers hiding or disposing of their assets, in an attempt to minimise the resources that they must share with their spouse. Unsurprisingly, the law says that the parties to a divorce must be totally honest and transparent when disclosing the full extent of their resources because, without all the facts, it is impossible to determine a truly fair financial settlement. If a spouse is tempted to hide assets…

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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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