The Times reported on 11 April 2010 that Baroness Deech, one of Britain’s leading family lawyers, has proposed an overhaul of divorce law in England and Wales.
Under the proposals, only assets acquired during the marriage would be subject to any divorce settlement, in an attempt to deter “gold diggers” from marrying for money. Individually owned or inherited assets would also be protected.
The Shadow Justice Secretary, Dominic Grieve, has said that he would examine the proposals as part of a review of family law if the Conservatives win the general election next month.
Steeles Law Family Practitioner Emma Alfieri comments.
“At the current time, the divorce law in England and Wales is complex. Generally, unless a very short marriage, all assets are put into the matrimonial pot whether they are acquired prior to the marriage or during the marriage. This can be very unfair in some cases.
Currently, the only way to attempt to prevent pre-marriage assets from being excluded from any divorce proceedings is to have a prenuptial agreement drawn up well in advance of the marriage. This creates the best possible sort of protection, with the intention being that the parties keep their assets acquired prior to the marriage and split any assets built up during the marriage. However, even with a prenuptial in place, claims cannot be excluded all together.
If both parties seek legal advice and both provide full disclosure then the Courts tend to recognise prenuptials. Although not legally binding at present, The Law Commission is now examining whether prenuptials should become legally binding; the recommendations are expected during the summer.
Further guidance is also awaited from the Supreme Court following a recent case – further updates will follow”.
For further information on divorce or prenuptial agreements, please contact Emma Alfieri or another member of the Family Team on 01603 598000 or family@steeleslaw.co.uk.