You may be unaware that reform is on the cards for Divorce proceedings, specifically financial provision and how the Courts will approach the division of assets.
The private members bill introduced by Baroness Deech had its 2nd reading on the 27th January and will now progress to the Committee of the whole house on a date to be announced.
Its proposals will replace Section 25 of Matrimonial Causes Act 1973, a piece of legislation that is now largely out dated and has not been reformed for over 40 years. Largely the law in relation to the division of assets is Judge-made law. This leads to uncertainty for divorcing couples, and often protracted and costly litigation.
The new bill will simplify the way a court should divide assets, with fairness and equality being an important aspect of such division.
Pre-nuptial agreements are likely to be valid, if entered into correctly.
The new bill proposes limiting the term of any spousal maintenance where appropriate, and it will intend to facilitate mediation, reduce litigation and costs and recognise equal partnership in marriage
Once enshrined in law it will assist parties to negotiate more effectively since the guidelines will be within the statue.
If you are looking for legal advice regarding divorce, prenuptial agreement or other family matter, speak to Farleys’ specialist family law solicitors on 0845 287 0688 or submit your enquiry through our online contact form. We also run a free family law clinic every Thursday from our Blackburn and Burnley offices where you can sit down with one of the team and discuss your individual circumstances.