Divorce (Financial Provision) Bill [HL]
Official Summary
A Bill to amend the Matrimonial Causes Act 1973; and make provision in connection with financial settlements following divorce.
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Overview
This bill amends the Matrimonial Causes Act 1973 to reform how financial settlements are handled after divorce in England and Wales. It aims to make the process fairer and more predictable by focusing primarily on the equal division of matrimonial assets, while giving greater weight to pre-nuptial and post-nuptial agreements.
Description
The bill significantly alters the criteria used by courts to determine financial settlements in divorce cases. Key changes include:
Matrimonial Property
The bill defines "matrimonial property" as assets acquired during the marriage, excluding gifts or inheritances. It introduces a presumption of equal sharing of the net value of this property, although exceptions are allowed for fairness in specific circumstances (e.g., unequal contributions, destruction of assets, needs of children).
Pre-nuptial and Post-nuptial Agreements
Pre-nuptial (before marriage) and post-nuptial (after marriage) agreements are given more legal weight. They are considered binding unless certain conditions aren't met (e.g., lack of independent legal advice, inadequate disclosure of assets).
Periodical Payments
The bill sets limits on periodical payments (ongoing maintenance), aiming for a shorter duration, unless exceptional circumstances necessitate otherwise. It considers economic contributions of each spouse (including non-financial ones).
Conduct
The court will generally not consider the conduct of either party unless it directly impacted financial resources or ignoring it would be grossly unfair.
Government Spending
The bill is not expected to significantly affect government spending. The changes primarily relate to the legal process and distribution of existing assets, rather than the allocation of new funds.
Groups Affected
- Divorcing couples: The bill will directly impact how their assets are divided, potentially leading to more predictable outcomes. Pre-nuptial agreements are given stronger weight.
- Legal professionals: Changes in legislation will require adjustments to legal practice and advice.
- Children of divorcing couples: The bill considers their needs when determining financial settlements.
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