The Public’s Understanding of the Law Concerning Finances on Divorce

A recent report co-led by Emma Hitchings, a family law professor at the University of Bristol published findings about the public's understanding of the law concerning finances and property on divorce. 

It found that people's understanding is “patchy and often poor” with nearly one third of the public incorrectly believing that all assets are automatically split equally on divorce. With only 32% of divorcees making use of legal services in relation to their finances and taking a DIY approach to dealing with their divorce, it can lead to unsatisfactory settlements. 

The findings of this report align with the misconceptions amongst the public that we are seeing day-to-day within our practice. A common misunderstanding is that parties do not realise that their financial agreement will only become legally binding when approved by the Court. The impact of not formalising the agreement within a Court Order is that the parties' financial claims against each other will remain open. 

At Clarke Willmott, our divorce specialists can advise you at any stage of your divorce, including where you have reached an agreement with your spouse.  We have the expertise to deal with more complicated circumstances, including where there are international elements or business interests.