Anna Worwood predicts family lawyers will feel the crunch in 2009
As we settle into 2009, London looks set to lose its ranking as the world’s “divorce capital” as the impact of a recession in the city is felt by divorcing couples and is seen in the family courts. While some speculated that the emerging credit crunch in 2008 was leading couples to the courts in droves, the reality was that many couples held firm waiting to see whether the financial downturn was a temporary blip. The landscape now looks very different with the dire economic outlook starting to have a tangible effect on couples who cannot continue to tolerate one another through 2009. Over recent years, the family courts have hit the headlines for making massive awards in cases of spectacular wealth and on a day to- day basis, they have been addressing the appropriate division of surpluses of income and bonuses. Now, a new wave of judicial conservatism is on its way and divorce settlements are likely to shrink along with the available pot of assets.
