Paying the high price of divorce – Shift in divorce settlements

There appears to be a growing trend of Courts becoming less likely to award generous financial settlements in divorce cases where there are no young children involved. Instead the Courts appear to expect those who divorce to do a lot more to support themselves financially after separation through their own means.

Lawyers are seeing very few “open ended” spousal maintenance arrangements being awarded (usually) to wives. Wives in many cases will have been dependent on their husbands to provide financial support to the family during the marriage while they perform the role of home maker either not working or only working limited hours. This trend can mean that divorcees who may not have worked for decades are expected to achieve financial independence after divorce, notwithstanding that they have been reliant on their partner for income during the marriage.

Currently there are more than 140,000 individuals over the age of 40 or older who divorce each year with divorce rates for the over 50s growing most quickly. Obtaining employment for the first time in many years or increasing part time employment can prove challenging for older female divorcees.

Erica Kemp, Member and Head of Family Law at Alsters Kelley LLP said, “We do always consider whether achieving a clean break (and therefore financial independence) for both parties is possible and many people do prefer this. However it can be very difficult if one party (and frequently this is the woman) either does not work or earns a lot less than their former partner. In such circumstances although the wife may end up with a lump sum or retain a property to live in, a lack of income with which to support themselves can be a very real problem. This can be the case even where there is a pension shared between the parties as income from that pension is often not immediately available.

It is important to give careful consideration as to how both parties are going to be able to support themselves in the short and long term when considering the terms of financial settlement upon divorce or separation and a Family Solicitor will be able to work with clients to achieve a fair and practical settlement.”

If you are experiencing a relationship breakdown and would like some advice then please contact Erica Kemp on 01926 356 048 or by email at erica.kemp@alsterskelley.com