What’s Mine Is Yours? Kayleigh James Explores The Tricky Position of Finances on Divorce

It has almost been a month since the biggest change to divorce law in decades with divorce applications soaring by over 50% in the first week of the “no fault” law being introduced on 6 April 2022.


Family practitioners welcomed the changes as it will hopefully result in more amicable separations with the removal of the “fault-based” divorce system where many couples wishing to divorce quickly would need to use the fact of unreasonable behaviour and list examples of the other party’s “faults”.  The new reforms aim to reduce the potential conflict for divorcing couples, however, there is concern that parties will not seek legal advice at an early stage and their financial positions on divorce will be undermined.


We cannot stress enough how important it is to seek advice early on in your separation, dealing with financial matters and arrangements for the children tend to coincide with divorce proceedings and early advice on these matters can assist in maintaining an amicable relationship post separation.


Finances on divorce is a complicated area and expert advice from a family law specialist is crucial to ensure that you understand your rights.  Figures suggest that only 12% of divorces included a any form of pension share and experts believe the new laws could undermine this further.


Parties can easily underestimate the value of their spouse’s pension where in many cases they are the most valuable asset of the marriage, it is feared that under a new system that encourages “no fault,” a party may be disinclined to raise the issue of the pension worrying that they may be seen as going against the concept of remaining amicable.  A survey suggested that 50% of divorcing couples did not even consider their spouse’s pension on divorce.


If you are unsure about your rights, our expert Family Team are available to guide and advise you so that you can obtain the best possible outcome.  We understand that everyone’s situation is different, and our team are available to advise you as to what is best in your situation.