A revolution is coming in the world of divorce and DIY divorce could become the norm. The government commissioned a report into family law and one of the proposals was that an online financial calculator could be used to help couples settle their financial disputes in the future.
Under new proposals, this government-approved formula would cut out the need for lawyers and therefore save clients money. Lawyers and judges are currently considering how this new system could work.
Draft your own financial agreements
The idea is that couples without any legal training could draft their own financial agreements by using a set formula, according to their personal circumstances. These agreements would be legally binding.
With legal aid being removed from this area of law many more people are finding that they have to represent themselves in divorce proceedings so changes like the ones proposed would be very helpful and cost effective.
It's likely that in the near future prenuptial agreements will become binding in this country and combined with the other changes proposed it puts the control firmly into the hands of the divorcing couple and finally gives them real power to run the financial aspects of their divorce.
With more certainty about what financial settlements should be, rather than being left to the whim of a judge, couples can feel happy that they have reached an agreement that is right and fair.
What the financial formula will take into account
If a set financial formula is implemented, as it is in Canada, then it would have to take into account the age of the parties, the length of the relationship, the children's ages and how long the joint family responsibilities need to last.
The government has to make decisions about these proposals shortly before the general election, so next year could see some huge advances in family law and the power of DIY divorce.
If you need help with your divorce, Lawpack has a range of products designed to help you, from DIY Divorce Kits written by experienced solicitors through to Managed Divorce with solicitor-drafted court forms. Whatever your stage of the divorce process you are at Lawpack has a product to suit you.
Published on: July 30, 2014