Landmark reforms to divorce law announced this week could result in big changes to financial settlements in the future.
The Law Commission is considering placing limits on “joint live spousal maintenance”. This is where the wealthier spouse is ordered by the Courts to support their former spouse until their ex gets married or dies.
If these proposals go ahead, they could represent a real blow to women who currently tend to benefit financially in the majority of divorce cases.
The Law Commission consultation claims a “lack of a principled basis for a law which in practice appears to aim to award lifelong support at the marital standard of living”.
The consultation will result in a report being presented to ministers in 2013, who will then be responsible for making a decision and passing a law to enforce the proposals.
It is unusual for changes to family law to so clearly favour the husband.
Whether the coalition government can afford to upset female voters by passing this law next year is doubtful. For this reason it seems more likely that these proposals will be watered down before hitting the statute book.
If you are getting divorced and have any questions about your pensions or financial planning, please do get in touch. Our Financial Planners have a great deal of experience working with people getting divorced and their solicitors to ensure the best financial outcomes.
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