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The Money and Divorce blog is brought to you by Intelligent Divorce, the new way to get fixed-fee specialist legal advice on splitting your money when you divorce.

Our blog provides illustrated practical guides for those going through the divorce process, plus news on divorce, money and family breakdown.

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14 September 2012

New formula to settle divorce payouts?

Divorce settlements would be worked out according to a mathematical formula which would divide up a couple’s assets depending on income and how long they have been married, a major review has suggested, as reported in The Telegraph.

Couples could calculate how much money they would receive in a settlement under the proposals by the Law Commission to clarify the “uncertain and inconsistent” law.

This would encourage couples to work out settlements between themselves rather than going through the time-consuming and costly process of going to court.

In a further attempt to lower costs and keep cases out of the courts, new guidance could be provided online so that couples can work out their assets and their needs.

Another change being considered by the Law Commission, which recommends legal changes to Government, is that family homes should be left out of divorce settlements if they were inherited or acquired before marriage.

A consultation by the Law Commission, which will lead to a report to ministers in 2013 but which would require more work before it could trigger a draft Bill, says that presently spouses who split up cannot predict what support they would receive, or have to pay, and the situation will worsen as legal aid is removed from family cases.

If any changes were made, they would not come into effect for quite a few years

Full story here.