Key takeaways from the surprising divorce figures for HNWIs and their advisers—eprivateclient
Family partner Hannah Minty has written an article in eprivateclient which dissects the latest annual divorce statistics released by the ONS for England and Wales in 2022.
Despite the data indicating declining divorce rates and the longest median duration of marriage on record, upon closer inspection, Hannah suggests that this data doesn't give the full picture as the statistics reflect divorces initiated rather than completed during the timeframe. This is likely a result of the implementation of no-fault divorce legislation, which introduced a mandatory waiting period between the first and final stages of divorce.
Whilst Hannah welcomes the new legislation which shifts away from the ‘blame game’, she expresses concerns over the evidence to suggest that not all divorcing couples obtain a court order to formalise financial arrangements. She also highlights the urgent need for reform to extend protections for cohabiting families upon separation.
The ONS statistics are based on the number of divorces finalised in this period, rather than the number of divorces applied for. The introduction of no-fault divorce legislation on 6 April 2022, which introduced a requirement for minimum waiting periods as part of the process, may be a significant factor in the apparent decrease in divorce rates.”
The full article is available to read online at eprivateclient, by subscription only.
Hannah Minty is a partner the family team. She advises clients from all backgrounds on divorce and financial matters, jurisdictional disputes, prenuptial and postnuptial agreements, property disputes between cohabitees, and financial claims on behalf of children following the breakdown of relationships between unmarried couples.
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