21 April 09
The current uncertain financial climate is leading to more applications to vary Maintenance Orders which were made in more prosperous times. Agreements under Court Orders requiring (usually) the husband to pay maintenance to an ex-wife may not be sustainable due to the downturn in the economy because the husband may have had a pay cut, lost his job, etc. As a result ex-husbands are looking to renegotiate the amount they pay to their ex-wives.
A fluctuating economy also means that family lawyers are finding it increasingly difficulty to value and divide assets amongst spouses/civil partners. With a falling property market (usually) the main asset of the marriage being the matrimonial home is worth significantly less. Therefore it is more difficulty for it to provide enough funds to parting couples to support two separate households on divorce.
B Sankhla, Partner, and head of the family department at Clarke & Son LLP advises:
“Marrying couples should consider Pre-Nuptial Agreements in order to provide some economic certainty in the current uncertain economic conditions. The divorce Courts are more willing to honour agreements between parties made prior to or during the marriage.”
For more information on please contact Bhupendra Sankhla on Tel: 01256 320 555.
