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Matrimonial property, needs and agreements: the Law Commission project

More about post-divorce financial arrangements: the Law Commission's supplementary consultation on non-matrimonial property and needs Professor Elizabeth Cooke Inner Temple Hall, 3 December 2012 . Matrimonial property, needs and agreements: the Law Commission project.

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Matrimonial property, needs and agreements: the Law Commission project

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  1. More about post-divorce financial arrangements: the Law Commission's supplementary consultation on non-matrimonial property and needsProfessor Elizabeth CookeInner Temple Hall, 3 December 2012

  2. Matrimonial property, needs and agreements: the Law Commission project • The 2011 consultation on marital property agreements • The extension of the project • The supplementary consultation, September to December 2012 • This evening: • Needs • Non-matrimonial property

  3. The “big money” couple Pre-acquired and inherited wealth One party has wealth acquired in business developed during the marriage The sharing of property usually covers needs in the widest possible sense The couple with average financial means Average marriage length, small children, some adjustment in working patterns – eg one partner works part-time House with mortgage and little equity; pension; no other savings The management of financial provision

  4. Needs: is there a problem? • Consider: • Lack of transparency • Lack of answers • What is to be achieved? • How long do I have to pay for? • For how long will I have support? • Inconsistency • The relationship between needs and sharing • Difficulties for those without lawyers

  5. Objectives and their delivery

  6. Non-matrimonial property • What is it? • Should it be treated differently? • Should there be rules? • If so, what about: • The family home • Property acquired during cohabitation • Property that has changed

  7. Consultation closes… • … on 11 December 2012 • Our consultation paper, and a range of summaries, can be found on the Law Commission website, www.lawcom.gov.uk

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